Oil prices swung sharply Tuesday as conflicting reports about shipping in the Strait of Hormuz drove the cost of crude oil down for much of the morning, then higher in the afternoon.
U.S. West Texas Intermediate crude oil plunged as much as 19%, slipping below $77 per barrel at one point. But the move faded, and West Texas Intermediate climbed to trade around $89 a barrel 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.
Stocks also closed mixed after a volatile trading session Tuesday. The S&P 500 ended lower by 0.21% after having risen almost 1%, while the Nasdaq Composite wrapped up the day flat and the Dow Jones Industrial Average fell 34 points.
Oil’s move lower was accelerated by a social media post from U.S. Energy Secretary Chris Wright that was later deleted
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