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US crude fell 11.94% to close at $83.45 a barrel on Tuesday, and Brent settled 11.28% lower at $87.80. Prices dropped more than 17% intraday after Energy Secretary Chris Wright wrongly posted that the US Navy had escorted a tanker through the Strait of Hormuz.
The White House said no such escort had occurred.
The correction shows the market is highly sensitive to headlines about Hormuz, so volatility will persist while shipping remains disrupted. Energy cost swings flow through to feed ingredient and freight pricing.
cnbc.comSpencer Kimball, Lee Ying ShanMar 10, 2026After 255 past bearish geopolitics events, Crude Oil (WTI) moved a median -2.4% over 5 sessions (31% higher; middle half -7.0% to +1.7%), and -5.0% over 20.
After 250 past bearish geopolitics events, Crude Oil (Brent) moved a median -3.1% over 5 sessions (36% higher; middle half -7.9% to +1.6%), and -5.5% over 20.
After 51 past bearish geopolitics events, ULSD / Diesel moved a median -2.4% over 5 sessions (37% higher; middle half -8.2% to +3.9%), and -2.3% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
A sharp intraday crude drop on March 10 from a false tanker-escort claim added volatility and a downward leg within the window, which affects the net 5-day change.
