<p><span style="font-weight: 400;">Oil prices have dropped for two straight days following previous surges, having hit four-year highs on Monday before logging the biggest single-day percentage drop since 2022.</span></p>
<p><span style="font-weight: 400;">Oil prices plunged on Tuesday when Secretary of Energy Chris Wright claimed in an X post that the U.S. Navy successfully escorted an oil tanker through the Strait of Hormuz. Brent Crude dropped to around $81 per barrel, according to <a href="https://www.marketwatch.com/investing/future/brn00?countrycode=uk&amp;gaa_at=eafs&amp;gaa_n=AWEtsqe4k1-WtbbEc0_rDe9RmjIzBeQ_NbvsmIuohb4DQSo55Be0bfuc1Ez2yJhY6Pc%3D&amp;gaa_ts=69a5b024&amp;gaa_sig=kegHiaf_xsPW94kPXb2xUx2YgsMT9F6cMvHsnXelmzUTlyMm_8GalBG_mAiBT6m4gV0Q7YYn6j8miOFnbJ_EGA%3D%3D">MarketWatch</a>. </span><span style="font-weight: 400;">However, White House Press Secretary Karoline Leavitt corrected that claim in her Tuesday afternoon press briefing, which sent oil prices back up, with Brent Crude closing around $91 per barrel.</span></p>
<p><span style="font-weight: 400;">“I can confirm that the U.S. Navy has not escorted a tanker or a vessel at this time, though, of course, that’s an option that the president has said he will absolutely utilize if and when necessary at the appropriate time,&#8221; Leavitt said.</span></p>
<p><span style="font-weight: 400;">Using the U.S. Navy to escort vessels through the Strait of Hormuz, through which about 20% of the world’s oil travels, is just one of the options the Trump administration has announced that would bring down prices.</span></p>
<p><span style="font-weight: 400;">The administration ordered the U.S. International Development Finance Corporation to </span><a href="https://www.theinsurer.com/ti/news/trump-orders-us-government-to-provide-political-risk-insurance-for-gulf-shipping-2026-03-04/"><span style="font-weight: 400;">offer</span></a><span style="font-weight: 400;"> political risk insurance to tankers operating in the Gulf. Insurance policies covering a vessel traveling through the strait have reportedly jumped by as much as <a href="https://www.dailywire.com/news/gas-prices-in-focus-after-iran-targets-key-oil-route">37.5%</a>, while others were canceled altogether. In addition, the Treasury Department lifted oil sanctions — most notably on Friday, when Treasury Secretary Scott Bessent issued a temporary </span><a href="https://www.nytimes.com/2026/03/10/world/middleeast/iran-war-putin-russia-energy-oil-prices.html"><span style="font-weight: 400;">30-day lift</span></a><span style="font-weight: 400;"> allowing India to buy Russian oil.</span></p>
<p><span style="font-weight: 400;">Senate Democrats criticized the decision to lift oil sanctions, writing in a statement, “Now is not the time to clear the way for sales for Russian oil majors and Russian-owned and shadow fleet vessels.”</span></p>
<p><span style="font-weight: 400;">Bessent argued that the lifted sanctions were narrow in scope and would not provide a substantial financial benefit to the Russian government. Russia, the United States, and Saudi Arabia lead the world in oil production.</span></p>

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Oil Prices Yo-Yo As White House Walks Back Navy Escort Claim

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Oil Prices Yo-Yo As White House Walks Back Navy Escort Claim