economy
Oil retreats even after Energy Secretary wrongly claims Navy escorted tanker through Strait of Hormuz
The International Energy Agency will hold an extraordinary meeting on Tuesday to discuss a possible release of emergency stockpiles.
TL;DR
- U.S. crude oil fell 11.94% and Brent crude lost 11.28% after Energy Secretary Chris Wright falsely claimed the U.S. Navy escorted a tanker through the Strait of Hormuz.
- The White House confirmed the Navy had not performed such an escort, and the post was deleted.
- The International Energy Agency will hold an extraordinary meeting to discuss potentially releasing emergency oil stockpiles.
- The Iran war has caused the biggest supply disruption in oil industry history, with the Strait of Hormuz being a critical export route.
- President Trump warned Iran would be hit much harder if it attempted to halt oil flows through the strait.
- Markets are showing optimism that traffic through the Strait will be restored, leading to a drop in oil prices.