After a sharp fluctuation in oil prices, the market is trying its best to sort out the chaotic information coming from the United States regarding the Strait of Hormuz.

After another sharp trading day, oil prices rose as traders struggled to respond to the rapid changes in the Trump administration's stance on potential war with Iran and shipping in the Strait of Hormuz. WTI crude oil futures rose by as much as 6.2% to $88.59 per barrel, following a steep drop of 12% on Tuesday and volatile trading so far this week. U.S. Energy Secretary Chris Wright mistakenly posted a tweet stating that the U.S. Navy was escorting a tanker through the Strait of Hormuz, but the information was later deleted and the White House clarified that no such action had taken place. Actual shipping in the Strait of Hormuz has stalled, causing a fifth of global oil transport volume to be unable to pass through. Major producers cutting production have boosted energy prices such as crude oil and natural gas. The volume of oil tankers has significantly decreased, with the market closely monitoring when normal trade will resume.