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The Latest Breaking News from Chris Wright

Hormuz miscalculation? Trump sideswiped by Iran's closure of Strait

Washington underestimated Iran's threat to close the Strait of Hormuz, causing global oil market jitters. Despite planning, economic fallout wasn't fully accounted for, leaving the US scrambling. While officials claim preparedness, limited options and high risks for naval escorts are evident. Iran signals the strait's closure remains a pressure tool.

The Times of India

SPR drawdown might not be enough for consumers, Democrats say

President Donald Trump’s decision to draw crude oil from the Strategic Petroleum Reserve received little criticism on Capitol Hill Thursday, although Democrats expressed reservations that it would not do much to insulate Americans from global price volatility resulting from the war in Iran. Senate Energy and Natural Resources ranking member…

Roll Call

Ship escorts to start in Strait of Hormuz "soon," Trump officials say

Scott Bessent made the comments to Sky News as he confirmed the war had cost the U.S. $11 billion thus far.

Axios

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Trump promises to release nation’s oil reserves to steady gas prices after his Iran War caused massive spikes

Last week, oil surged past the $100-a-barrel milestone, after recording its largest one-week spike since March 1983

The Independent UK

'We are simply not ready': US says its military cannot escort vessels in Strait of Hormuz right now

America's military is currently unable to escort oil tankers through the Strait of Hormuz. Energy Secretary Chris Wright stated that military assets are focused on Iran's offensive capabilities. Escort operations are expected soon, possibly by month's end. US forces have eliminated Iranian vessels suspected of laying mines near the strait.

The Times of India

Largest ever oil reserves released as Iran war fuels price rises

The Middle East conflict has seen oil prices surge as the flow of oil tankers has effectively stopped

The Independent UK

Iran-US war latest: Trump says strikes have ‘obliterated’ military targets on vital oil hub island

Kharg Island is the linchpin of Tehran’s oil industry

The Independent UK

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Trump news at a glance: Trump says war is won but ‘we don’t want to leave early’ as oil prices rise again

Trump continues contradictory messaging on Iran; US will release 172m barrels of oil from strategic supplies. Key US politics stories from 11 March

The Guardian - US

Oil price tops $100 again as Iran strikes economic targets across Middle East

Vast release of emergency crude reserves fails to quell mounting fears about supply crunch, rattling markets

The Guardian - UK

The fog of war is coming from inside the White House—and it cost oil markets $84 million in ten minutes

Meanwhile, the market shrugs at news of a record emergency release of oil.

Fortune

Energy Secretary falsely claimed Navy escorted tanker through Strait of Hormuz – markets lost $84 million while he tried to backtrack

Gave the market false hope.

We Got This Covered

War Rations

Plus: Pete Hegseth spends millions on lobster tail and rib-eye steak, oil prices go for another roller-coaster ride, no inflation increase, and more...

Reason

US secretary deletes post that US helped tanker pass Hormuz

IN FULL

The Independent UK

Confirmed, deleted, then clarified: US shifts stance on navy 'escorting' oil tanker in Strait of Hormuz

A US Energy Secretary's claim of escorting an oil tanker through the Strait of Hormuz was swiftly deleted and corrected by the White House, stating no such escort occurred. This caused market jitters, with oil prices fluctuating. Iran's Revolutionary Guards also refuted the assertion, calling it false. The Strait remains…

The Times of India

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The Guardian - UK

Three merchant ships struck as tensions rise in Hormuz strait amid Iran war

Crew of Thai-registered bulk carrier forced to flee fire, as US says it has destroyed 16 Iranian mine-laying vessels

The Independent UK

Deleted social media post from Trump’s energy secretary sends oil markets into frenzy: report

Earlier Tuesday, Energy Secretary Chris Wright wrote on X that the U.S. Navy had escorted an oil tanker through the Strait of Hormuz

Barchart

Stocks End Slightly Lower as T-note Yields Rise

The S&P 500 Index ($SPX ) (SPY ) on Tuesday fell -0.21%, the Dow Jones Industrial Average ($DOWI ) (DIA ) fell -0.07%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) fell -0.04%. March E-mini S&P futures (ESH26 ) fell -0.11%, and March E-mini Nasdaq futures (NQH26 ) rose...

Barchart

Crude Prices Plunge on Hopes for a Quick End to Iran War or at least a G-7 Oil Stockpile Release

April WTI crude oil (CLJ26 ) on Tuesday closed down -11.32 (-11.94%) at $83.45, and April RBOB gasoline (RBJ26 ) closed down -0.1681 (-5.99%). April WTI crude oil on Monday rallied to a 3.75-year nearest-futures high of $119.48 but has since fallen back to the $83-per-barrel area. Crude oil prices...

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The Times of India

US Navy has not escorted a tanker through Strait of Hormuz but...: White House clarifies energy secretary's deleted post

White House spokesperson Karoline Leavitt Tuesday clarified that US Navy did not escort a tanker through the Strait of Hormuz at this time but added that it remains an option that the president will utilize if and when necessary. Hours before Leavitt's press conference, US energy secretary Chris Wright claimed…

We Got This Covered

Senator begs Israel to stop attacking oil assets, citing humanitarian reasons, but we all know it is just about the oil

Pleads with Netanyahu to "be cautious about what targets you select".

Fortune

Trump promised to fill America’s oil reserves ‘right to the top.’ A year later, oil has exceeded $100 and they’re still less than 60% full

Since the beginning of Trump’s second term, the strategic oil reserve has grown only 5%.

International Business Times

Oil Prices Surge Above Pandemic-Era Levels As Iran War Tightens Supply Chain

Gas prices have spiked 27 cents a gallon in the last week as the Iran war has caused the price of oil to skyrocket.

Roll Call

Rising pump prices draw calls to action from Democrats

As oil prices rise in the wake of U.S. military operations in Iran, Senate Democrats have begun calling for a solution to the increasing costs. Senate Minority Leader Charles E. Schumer, in a Sunday post on X, called on President Donald Trump to draw down oil from the Strategic Petroleum…

The Independent UK

Gasoline prices have already jumped 19% since Iran attacks started with oil prices continuing to soar

President Donald Trump insists rising costs from the Iran conflict are ‘a very small price to pay’ for ‘peace’

The Times of India

A new Khamenei as Supreme Leader, oil above $100: Did Trump miscalculate Iran?

Operation Epic Fury escalates as Iran installs Mojtaba Khamenei as supreme leader following his father's death. With oil prices soaring above $100 a barrel and attacks widening across the region, the conflict is morphing into a larger, riskier war with no clear end in sight.

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