Oil prices swing wildly amid mixed messages over Iran war Crude #oil prices fall sharply as energy markets remain on tenterhooks over effective closure of the Strait of #Hormuz. Oil prices are seeing dramatic swings as traders struggle to make sense of mixed messages about the impact of the United States and Israel’s war on Iran. Brent crude, the international benchmark, on Tuesday plunged 17 percent to fall below $80 a barrel, then rebounded to near $90 after US Secretary of Energy Chris Wright posted on the X platform – but then quickly deleted – a claim that the US Navy had escorted an oil tanker through the Strait of Hormuz. White House Press Secretary Karoline Leavitt later told reporters that there had been no armed escort through the strait, which has been effectively closed to shipping in the region due to Iranian threats.