Page Updated: Monday, March 23, 2026 10:23 PM ET

ABC News - Business

Sarah Yenesel/EPA/Shutterstock - Dow closes up 600 points as Trump claims talks held with Iran - Oil prices plummeted as traders weighed a potential end to the war with Iran. March 23, 2026

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The US barely gets any oil through the Strait of Hormuz. So why are gas prices up? -- President Donald Trump said the strait is "something that we don't need."

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