Oil prices swung sharply Tuesday as conflicting reports about shipping in the Strait of Hormuz drove oil prices down for much of the morning, then higher in the afternoon.
U.S. crude oil plunged as much as 19%, slipping below $77 per barrel at one point. But the move faded, and WTI climbed to trading around $89 by 4 p.m. ET. International Brent crude also briefly dropped 17% to below $80 per barrel but later rose back to more than $90 per barrel.
Oil’s move lower was accelerated by a social media post from U.S. Energy Secretary Chris Wright that was later deleted and denied by the White House.
Wright had written on X that the “U.S. Navy successfully escorted an oil tanker through the Strait of Hormuz to ensure oil remains flowing to global markets.”
White House press secretary Karoline Leavitt later said the opposite, telling reporters at a briefing, “The U.S.
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