WTI crude fell below Friday's low and through $80 after US Energy Secretary Chris Wright indicated that the US Navy had escorted a tanker through the Strait of Hormuz.
He's now removed that post and oil is bouncing.
This was the post:
This isn't a good look for the Secretary and White House communications. This war has been curiously absent good reporting on what's actually happening, including the strategy. That's largely because it's down to the whims of one or two men.
I'm not sure how Wright got this idea or why he posted it. As energy secretary, he would certainly know what's happening in the oil market.
Someone in his office is going to take the fall for it.
In terms of follow-up, a Fox News reporter is confirming that it's not true that a Navy vessel escorted a tanker through Hormuz.
The Wright post was up for about 25 minutes before it was deleted. In that time, it was picked up by all the news services and had further weighed on oil.
Here is a visual look at how oil moved on his post. We've mostly retraced it now.
The White House is now in the spin zone, saying the post from Wright was 'premature'.
