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U.S. Navy has not yet escorted ships through Strait of Hormuz, White House says
Energy Secretary Chris Wright's deleted post falsely claimed a U.S. Navy escort through the Strait of Hormuz, causing oil prices to drop nearly 19% and $84 million lost in market value.
- On Tuesday, Energy Secretary Chris Wright posted then deleted a claim about U.S. military escort around 1:02pm US Eastern time; White House Press Secretary Karoline Leavitt said, 'I can confirm that the US Navy has not escorted a tanker or a vessel at this time.'
- On March 3, the US Development Finance Corporation announced it would offer 'political risk insurance and guarantees' and said military support may be available, amid signals of potential US Navy escort in the Strait of Hormuz.
- With military assets occupied, officials warned that the U.S. announced last week plans to escort tankers but provided no timeline, and military officials said they had yet to begin operations.
- Oil markets reacted to Wright’s announcement, with prices falling below $80 a barrel after President Donald Trump said Monday the U.S. Navy was prepared to launch escorts but did not expect them to be necessary.
- With escorts still described as an available option, General Dan Caine said 'If tasked to escort, we'll look at the range of options to set the military conditions to be able to do that', amid a claimed successful escort and official denials.
131 Articles
131 Articles
The Strait Is Closed, the Story Keeps Changing, and You're Paying for It All
There's a particular kind of dread that sets in when you're watching an official tweet get deleted in real time. On Tuesday, the Energy Secretary posted that the U.S. Navy had successfully escorted an oil tanker through the Strait of Hormuz. Markets moved on it... Brent crude swung 17 percent in a single session, briefly crashing below $80. The White House press secretary then clarified: no armed escort had actually taken place. The tweet disa…
Trump tells ship captains to use the Strait of Hormuz as U.S. conflict with Iran intensifies
Hundreds of tankers and container ships are idling in the Arabian Sea and the Gulf of Oman because they are unwilling to pass through the Strait of Hormuz without naval escorts or insurance coverage. On Wednesday, President Trump urged wary ship captains to go "full steam ahead" and sail through the critical waterway.
Blips and Gyrations: The Market Thinking of Trump's Incompetent Advisors
In an 1100-word piece weighing the energy shock Trump’s illegal war on Iran has caused in terms of White House worries (and so implicitly, politics), Politico grants anonymity to someone describing what is happening to the oil market as “little gyrations.” A former Trump administration official added that the administration needs a “consistent, multiweek read” of oil prices before it shifts its approach. “These temporary little gyrations are not…
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