Oil Price Today (March 17): Crude oil gains 2%, at $103 as Strait of Hormuz tensions linger. Experts weigh in

March 17, 2026

Crude oil prices surged over 2% as supply concerns intensified with the Strait of Hormuz largely shut. European allies declined U.S. calls to escort tankers, prompting President Trump’s criticism. The UAE has halved production due to the disruption, raising fears of shortages and inflation. Experts predict further price hikes if tensions persist.

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