- Energy Secretary Chris Wright's social media post, claiming the US Navy escorted an oil tanker through the Strait of Hormuz, was swiftly deleted.
- The White House Press Secretary, Karoline Leavitt, denied Wright's statement, clarifying that the Navy had not escorted any vessel through the vital waterway.
- Despite its brief appearance, Wright's false post caused significant disruption in oil markets, with an exchange-traded fund (ETF) losing $84 million in market capitalisation.
- Benchmark US crude futures experienced a sharp decline, plummeting by as much as 19 per cent at one point, before settling 12 per cent lower, marking the steepest daily fall in four years.
- The administration attributed the deleted post to a staffer, stating a video clip was incorrectly captioned, amidst ongoing concerns about the Strait of Hormuz due to the conflict involving Iran.
IN FULL