Trending Now - Mixed Asian Markets and Falling US Futures Amid High Oil Prices

WHO:

President Trump demanded that other countries affected by the closure of the Strait of Hormuz “take care of that passage” and stated that the U.S. “will help - A LOT!”

Stephen Innes of SPI Asset Management commented on market reactions.

Jensen Huang, CEO of Nvidia, discussed AI demand at a conference.

WHAT:

Brent crude oil prices climbed nearly 3% to $103.17 a barrel.

U.S. benchmark crude rose to $96.20 after dipping to about $93 a barrel on March 16th, 2026.

S&P 500 futures fell 0.21%, Nasdaq 100 futures declined 0.24%, and Dow Jones Industrial Average futures lost 100 points, or 0.21%.

The S&P 500 gained 1% to close at 6,698.38 on March 16th, 2026.

The Dow Jones Industrial Average increased by approximately 388 points, or 0.8%, to 46,946.41.

The Nasdaq composite rose 1.2% to 22,374.18.

Nvidia shares advanced about 1.6% on March 16th, 2026.

Jensen Huang projected $1 trillion in demand for AI chips through 2027.

Oil prices surged from roughly $70 before the U.S. and Israel began attacks on Iran.

Brent crude settled down about 2.8% to $100.21 a barrel on March 16th, 2026.

West Texas Intermediate crude fell about 5.3% to settle at $93.50 a barrel on March 16th, 2026.

WHERE:

The Strait of Hormuz, a key waterway for global oil transport.

New York Stock Exchange (NYSE), New York, U.S.

Asia, including Tokyo, South Korea, Hong Kong, and Australia.

WHEN:

The U.S. and Israel began attacks on Iran just over two weeks prior to March 17th, 2026.

The Reserve Bank of Australia raised its cash rate to 4.1% on March 17th, 2026.

The Federal Reserve's interest rate decision is scheduled for March 18th, 2026.

WHY:

The rise in oil prices is attributed to the U.S.-Iran war and the closure of the Strait of Hormuz, which has led to concerns about global energy supply disruptions.

Higher fuel prices prompted the Reserve Bank of Australia to increase interest rates.

HOW:

The U.S. is allowing Iranian oil tankers to pass through the Strait of Hormuz, according to Treasury Secretary Scott Bessent.

Investors are monitoring developments in the war and its impact on the economy and stock market.

(UPDATED March 17, 2026 13:29 UTC)

Today, President Trump called on other nations affected by the closure of the Strait of Hormuz to "take care of that passage," while emphasizing that the U.S. "will help - A LOT!" As oil prices surged, Brent crude climbed nearly 3% to $103.17 a barrel, and U.S. benchmark crude rose to $96.20 after dipping to about $93 just the day before. Meanwhile, Jensen Huang, CEO of Nvidia, projected a staggering $1 trillion demand for AI chips through 2027, as investors closely watch market reactions amid ongoing geopolitical tensions.