The United States has denied having escorted an oil tanker through the Strait of Hormuz, controlled by Tehran, through which around 20% of the world's oil circulates. At the end of the session, WTI futures contracts for April delivery were down $11.32 from Monday's close. U.S. Energy Secretary Chris Wright today deleted a post on X in which he had claimed that a vessel had been successfully protected, but later, White House spokesperson Karoline Leavitt, said that the post "was quickly removed" and that "it was just one of the options." The spokesperson clarified, leaving the door open for the protection of oil tankers to be one of the solutions to the crisis triggered by U.S. and Israeli intervention in Iran. Traders have been analyzing in recent hours the possible consequences that the war against Iran will have on crude oil supply and the uncertainty surrounding the virtual closure of the Strait of Hormuz. U.S. President Donald Trump had previously warned that any attempt by Iran to stop the flow of oil would be met "twenty times stronger" than previous actions in an attempt to deter Iranian attacks on navigation. Tehran, which initially denied that the passage was going to be closed, stated on Sunday that it is "unlikely that security can be established" in the strait. The intervention in Iran has already reached its eleventh day without a clear time horizon, as although Trump admitted last week that it could extend for four or five weeks, on Monday he assured that it was "practically finished." Meanwhile, the International Energy Agency (IEA) is meeting today in an extraordinary session to discuss a possible release of oil reserves, which has encouraged traders to adjust their positions in the markets. Regarding the oil reserves coordinated by the IEA, its director, Fatih Birol, said on Tuesday that there are no immediate plans for "a collective action" to use them, but that "observing the current market conditions, all options are on the table." Yesterday, the G7 also held a teleconference on the coordinated release of crude from their strategic reserves. Following this meeting, French Finance Minister Roland Lescure reported that they are willing to adopt "all necessary measures" to stabilize hydrocarbon markets. In related news, West Texas Intermediate (WTI) oil fell 11.94% on Tuesday to $83.45 a barrel after the U.S. Navy denied having escorted any oil tanker or vessel to date.
