Oil price rebound driven by Strait of Hormuz disruption and false US Navy escort claim

Oil prices surged again as markets remain nervous about supply disruptions through the Strait of Hormuz, a waterway that handled about 20% of global petroleum flows before the war. Disrupted shipping and vessels anchored amid fears of Iranian attacks have tightened perceived supply. U.S. Energy Secretary Chris Wright posted — then deleted — a false claim that the U.S. Navy had escorted a tanker through the Strait; the White House corrected the record and said the clip was incorrectly captioned. The erroneous post briefly intensified price moves, although U.S. crude and Brent later fell (U.S. crude closed at $83.45/bbl, down 11.94%; Brent settled at $87.80/bbl, down 11.28%). The administration says it is weighing military options, including potential Navy escorts, to keep shipping lanes open. Separately, the U.S. has asked Israel to stop striking Iranian energy infrastructure, citing civilian harm, plans for post-conflict oil cooperation, and the risk that strikes could prompt broader Iranian retaliation against Gulf energy assets. Israeli strikes have caused toxic smoke and acid rain over Tehran, raising humanitarian concerns. Domestic political pressure in the U.S. is mounting as gasoline prices have risen (AAA notes a ~60-cent increase month-over-month), and Republican leaders reiterate that the conflict and price spikes will resolve soon. Traders should watch Strait of Hormuz shipping reports, official U.S. military statements, developments in U.S.–Israel–Iran military activity, and weekly inventory and price reactions for short-term volatility signals.