Oil prices fall as market concerns arise over the negative impact of efforts to reopen the strait.

Golden Ten Data reported on March 16 that oil prices fell more than 4% on Monday, dropping below $100 per barrel. The alliance action organized by the United States in response to Iran's closure of the Strait of Hormuz is pushing oil prices lower. However, traders are now also preparing for the possibility of a prolonged conflict, which could further impact oil prices. "Traders are increasingly viewing the duration of the conflict as uncertain, and this anticipated duration provides upward momentum for further volatility in oil prices," XS.com analyst Samer Hasan said in a report.