Confusing Navy Claim and Oil Market Reaction

The US administration’s current communication strategy is not entirely clear, but the consequence is volatility in financial markets. US Defense Secretary Hesgeth’s claims of escorting tankers through the Strait of Hormuz were denied. US President Trump’s warning against Iran mining the strait seemingly offered little deterrent. If the strait is mined, oil prices may stay higher for longer. IEA proposals to release a record quantity of strategic oil reserves kept oil prices calmer.