Oil Prices Drop, White House Corrects Claim of Tanker Escort in Hormuz
Oil prices fell on Tuesday (March 10), even after US Energy Secretary Chris Wright claimed on social media that the US Navy had escorted a tanker through the Strait of Hormuz. The White House later denied the claim, with Spokesperson Karoline Leavitt telling reporters that "the US Navy is not escorting any tankers or ships at this time."
US crude oil (WTI) closed down 11.94% at US$83.45 per barrel, while Brent fell 11.28% to settle at US$87.80. Prices reportedly fell more than 17% immediately after Wright's post, before stabilizing. Leavitt said she was aware of the post and that it was "quite quickly" removed, but she had not yet spoken directly with Wright.
Wright had previously written that the US Navy was "successfully escorting" oil tankers through the Strait of Hormuz to ensure oil continued to flow to global markets. But the statement came amid major disruptions to traffic in the strait, as oil shippers fear an Iranian attack and choose to keep ships at anchor.
The Strait of Hormuz is a critical energy trade route, with about 20% of global petroleum consumption exported through the narrow passage before the war. President Donald Trump also warned Monday that Iran would be hit “twenty times harder” if it tried to stop oil flows through the strait, adding a geopolitical dimension that remains a major driver of price volatility.
Source: Newsmaker.id
