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Story summary
- Oil prices fell significantly on March 16, 2026, sparking a rally in U.S. stock markets.
- The S&P 500 rose 1.2%, while the Dow Jones and Nasdaq gained.
- A barrel of U.S. crude dropped to around $94.
- Concerns over the Strait of Hormuz due to the war in Iran led U.S. President Donald Trump to urge nations to bolster strait security.
- Traders expect no Federal Reserve rate cuts at the meeting.
