Oil prices retreated Tuesday, even after Secretary of Energy Chris Wright wrongly claimed in a social media post that the U.S. Navy had escorted a tanker through the Strait of Hormuz.
“The U.S. Navy has not escorted a tanker or a vessel at this time,” White House Press Secretary Karoline Leavitt told reporters Tuesday.
U.S. crude oil fell 11.94% to close at $83.45 per barrel. Brent crude, the global benchmark, lost 11.28% to settle at $87.80. Prices fell more than 17% immediately after Wright’s post.
