Oil prices drop near $80 as US walks back claim that tanker was escorted through Strait of Hormuz
US stocks were little changed on Tuesday as oil prices dropped after President Trump signaled the war in Iran will be limited – though the drop slowed after the White House walked back a claim that an oil tanker had been escorted through an Iranian energy chokepoint.The Dow Jones Industrial Average fell 34 points, while the Nasdaq was flat and the S&P 500 edged down after President Trump said the war was “very complete, pretty much,” and G7 energy ministers met to discuss the potential release of oil reserves.West Texas Intermediate crude oil and Brent crude each plummeted to near the $80 level after surging to levels near $120 the previous day, though later in the day they recovered to $83.45 and $87.80, respectively.On Tuesday afternoon Energy Secretary Chris Wright deleted a social media post claiming the US Navy had successfully escorted an oil tanker through a key Iranian waterway known as the Strait of Hormuz, which carries 20% of the world’s oil supply.“A video clip was deleted from Secretary Wright’s official X account after it was determined to be incorrectly captioned by Department of Energy staff,” a spokesperson for the Department of Energy told The Post.“President Trump, Secretary Wright, and the rest of the President’s energy team are closely monitoring the situation, speaking with industry leaders, and having the US military draw up additional options to keep the Strait of Hormuz open, including the potential for our Navy to escort tankers.”During a press briefing Tuesday afternoon, White House press secretary Karoline Leavitt said she has not yet spoken to Wright about the post, but confirmed that it was inaccurate.“I can confirm that the US Navy has not escorted a tanker or a vessel at this time, though of course that’s an option the president has said he will absolutely utilize if and when necessary at the appropriate time,” she told reporters.The Department of Energy did not immediately respond to The Post’s reques...