Oil Prices Swing Wildly: Brent Plunges 17% Then Rebounds After False Tanker Claim

Oil prices saw dramatic swings on March 11 as traders tried to interpret mixed war signals. Brent crude plunged 17% to fall below $80/bbl — its biggest single-day drop in years — after reports of possible ceasefire diplomacy and IEA emergency reserve release plans. Prices then rebounded to near $90 after US Energy Secretary Chris Wright briefly posted — then quickly deleted — a claim that the US Navy had escorted an oil tanker through the Strait of Hormuz. The IEA is considering its largest-ever emergency strategic petroleum reserve release. Ship transits through the Strait of Hormuz have decreased 95% since March 1, with only 55 transits recorded March 1–9 vs. 160 the prior week. Saudi Aramco's CEO warned of 'catastrophic consequences' for global energy markets.