Oil Drop Drives Wall Street's Best Day Since Iran War Began

What Happened U.S. stock markets posted their strongest gains in five weeks on March 16, 2026, as oil prices retreated from war-driven highs that had reached $119.48 earlier in March. Benchmark U.S. crude oil fell 5.3% to $93.57 per barrel, while international Brent crude dropped 2% to $101.09 after hitting $106.50 earlier in the trading session. The market rally was broad-based but particularly benefited companies with significant fuel expenses. Norwegian Cruise Line Holdings surged 4.