Energy Sec Chris Wright's accidental post causes chaos in the market
Source: Raw Story · Bias: Far Left
Summary
Energy Secretary Chris Wright's accidental post about Navy tanker escorts triggered a dramatic oil market collapse Tuesday, erasing $84 million in market value within minutes. The tweet claimed the U.S. Navy was escorting tankers through the Strait of Hormuz, causing crude futures to plunge 19% before the post was deleted. The Department of Energy later acknowledged the video was incorrectly captioned. Benchmark crude fell 12% to $83.45 a barrel, the steepest one-day decline in four years, with an intraday low of $76.73 representing a 36% drop from Sunday's peak. Airlines also suffered, with Delta, American, and United each dropping over 2%. Oil market volatility reflects ongoing uncertainty surrounding Iranian conflict and administration signals, prompting Saudi Aramco's CEO to warn of "catastrophic consequences" if disruptions continue.Watch the video below. Your browser does not support the video tag.
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