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Oil Tumbles as Traders Parse Post on US Navy Tanker Escort

Mia Gindis, Charles Gorrivan
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Oil prices crashed nearly 20% after reports emerged that the U.S. Navy escorted a tanker through the Strait of Hormuz, escalating tensions with Iran and sparking fears of a supply disruption. The Energy Secretary’s social media post confirming the escort triggered West Texas Intermediate to drop below $80 per barrel, marking the sharpest intraday decline since 2020. Markets partially recovered after the original post was deleted, creating confusion over the incident’s validity and easing immediate supply shock concerns. The volatility reflects traders’ sensitivity to geopolitical risks in the Strait of Hormuz, a critical chokepoint for roughly 20% of global oil shipments. Analysts warn the whipsaw trading underscores how rapidly energy markets react to unconfirmed reports amid heightened Middle East tensions.
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Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000War With Iran:Oil prices plunged nearly 20%, only to then pare losses on conflicting information over whether the US navy escorted an oil tanker through the Strait of Hormuz.West Texas Intermediate slumped to trade below $80 a barrel after Energy Secretary Chris Wright confirmed the news in a social media post. Prices came back from the lows after the post on X appeared to have been deleted.

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Source: Bloomberg

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