Crude Oil Plummets 17% After Deleted Post; Middle East Tensions Soar, IEA Meets

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Crude Oil Plummets 17% After Deleted Post; Middle East Tensions Soar, IEA Meets

Crude oil price

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CNBC Awaaz•11-03-2026, 07:30

Crude Oil Plummets 17% After Deleted Post; Middle East Tensions Soar, IEA Meets

•Crude oil prices plunged up to 17% after a social media post by Chris Wright claimed the US Navy escorted an oil tanker through the Strait of Hormuz.
•The post was later deleted, and White House Press Secretary Karoline Leavitt clarified no such escort occurred, causing Brent crude to recover slightly after an 11% drop.
•US President Donald Trump warned Iran on Truth Social to remove mines from the Hormuz Strait, threatening US action against any mine-laying attempts.
•The International Energy Agency (IEA) called an emergency meeting amid rising tensions, with the US pushing for the release of 300-400 million barrels from reserves.
•Middle East tensions escalate: Iran calls US actions "Operation Epic Mistake"; Saudi Aramco CEO warns of "catastrophic impact" if war prolongs.

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