[17] OIL SHOCK

US President Trump calms markets, but Hormuz Crisis persists

(UPDATED) Arctic Business News Summary March 11, 2026

Strait of Hormuz remains effectively closed.

Oil prices settled in dramatic fashion after G7 nations announced plans to release strategic reserves -

…..and also after Trump said that the Iran War was “very complete, pretty much.”

Here is Wednesday’s West Texas Intermediate (WTI) chart: