A social media post from US Energy Secretary Chris Wright, quickly deleted, triggered a sharp drop in oil prices on Tuesday, according to reports. Wright wrote on X that the US Navy had escorted an oil tanker through the Strait of Hormuz, a key chokepoint for global oil supplies, amid ongoing US and Israeli military operations against Iran.
However, White House Press Secretary Karoline Leavitt contradicted the claim, stating that no such escort had taken place. The post was deleted within roughly ten minutes, but not before causing significant market disruption. An exchange-traded fund (ETF) linked to oil futures lost $84 million in market capitalisation, while benchmark US crude futures plunged by as much as 19 per cent, eventually settling at $83.45 a barrel, down 12 per cent—the steepest daily decline in four years.
The Trump administration attributed the error to a staff member, with a spokesperson saying the post was “incorrectly captioned by Department of Energy staff”. The incident highlights ongoing volatility in oil markets amid the Iran conflict, which has seen Iran threaten to block the Strait of Hormuz and reportedly lay mines in the waterway.
The US military said it had destroyed 16 mine-laying ships near the strait, and President Trump warned of severe consequences if the mines were not removed. The region carries about a fifth of the world's oil supply, and the conflict has already claimed over 1,230 lives in Iran, according to the Associated Press, with seven US service members killed.
