Oil prices tumbled Tuesday afternoon after Energy Secretary Chris Wright posted on X that the U.S. Navy had successfully escorted an oil tanker through the Strait of Hormuz. The deleted tweet suggested oil supplies would remain flowing through the critical waterway, easing fears of an energy shock. Futures for oil, diesel and gasoline slid sharply as traders reacted to the news.

The market had been on edge for days as traders from New York to London to Singapore monitored escalating tensions in the Middle East. Footage of drones and missiles flying across the region had sent oil prices on a wild ride. Wright's tweet briefly suggested the U.S. military was taking steps to keep the vital shipping lane open, calming some of those fears.

Stocks jumped on the news as lower oil prices eased inflation concerns. The deleted post underscored how quickly sentiment can shift in volatile markets. Energy traders will be watching closely to see if tensions in the Middle East continue to simmer or if the Strait of Hormuz remains open for business.