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Fortune
Fortune
Eva Roytburg

Markets cheer as Trump threatens to abandon the Strait of Hormuz, leaving the oil market in crisis

U.S. President Donald Trump reacts during a Cabinet meeting in the Cabinet Room of the White House on March 26, 2026 in Washington, DC (Credit: Chip Somodevilla—Getty Images)

The stock market ripped Monday morning after the White House signaled it may no longer be America’s job to reopen the Strait of Hormuz.

The S&P 500 rose more than 1.5%, while the Nasdaq climbed nearly 2%.

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