I'm Taylor Riggs. This is the Fox Business Rundown.

Monday, March 16th, 2026. President Trump is warning that a very bad future is ahead if NATO countries do not help secure the Strait of Hormuz.

Why do we have to fight this battle that's been going on for 47 years?

I mean, the Iranian regime has had their leverage over the entire global economy because of just geography and oil resources.

There is no eye in team as the flow of oil through the Strait of Hormuz remains a key priority for President Trump.

And he is now urging allies and other nations

that rely on oil traveling through the waterway to help secure it.

Joint military operations between the U.S. and Israel continue for more than two weeks now in

Iran, as Tehran threatens full closure of the strait, an essential route for 20% of the world's oil.

Energy Secretary Chris Wright says Americans will feel the impact of climbing gas prices

for a few more weeks.

What impact could a few weeks of elevated energy prices have on the broader economy?

If other countries step in to help assure safety in the street,

could that relieve pressure at the pump here at home? I think what matters most is duration.

How long does this last?

Lou Bassonese is a Fox News contributor and executive vice president for market strategy at the

Prairie operating company. I mean, if we think of the global economy in the

terms of a patient that's entered the ER, you're triaging what matters most. And it's just this

oil passing through the straight matters so much to the global economy. Even if the U.S.

is energy independent, it impacts market prices. So the longer this lasts, the more it hurts,

both economies that are very reliant on the oil coming out of there.

I mean, the U.S. is only 2.5% of exports going through the straight come to the U.S.

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