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Oil prices are surging again because the market is still nervous about supply moving through the Strait of Hormuz, even after prices dropped earlier this morning. The route is too important to ignore. Before the war, about 20% of global petroleum consumption was exported through that narrow waterway. Now traffic there has been badly disrupted as shippers fear attacks by Iran and keep vessels at anchor. Then on Tuesday, seemingly out of nowhere, U.S. Energy Secretary Chris Wright made a false claim on social media about the U.S. Navy escorting a tanker through the Strait, which made prices rally. U.S. crude oil fell 11.94% to close at $83.45 per barrel. Brent crude, the global benchmark, lost 11.28% to settle at $87.80. Prices fell more than 17% immediately after Wright’s post. A false Navy escort claim rattles oil markets Wright had written that “the U.S. Navy successfully escorted an oil tanker through the Strait of Hormuz to ensure oil remains flowing to global markets.” That statement was wrong. White House press secretary Karoline Leavitt then had to tell reporters that, “The U.S. Navy has not escorted a tanker or a vessel at this time.” She also said, “I was made aware of this post. I haven’t had a chance to talk to the Energy secretary about it directly. However, I know the post was taken down pretty quickly.” Later on, an Energy Department spokesperson said, “A video clip was deleted from Secretary Wright’s official X account after it was determined to be incorrectly captioned by Department of Energy staff.” That same spokesperson said the administration was still focused on keeping the Strait open, saying:- “President Trump, Secretary Wright, and the rest of the President’s energy team are closely monitoring the situation, speaking with industry leaders, and having the U.S. military draw…

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Filed under: News - @ March 10, 2026 10:26 pm