Zaid Admani

Turns out it was incorrect information.

The White House later clarified that the U.S.

Navy is not currently escorting commercial tankers through the Strait of Hormuz.

So that caused oil prices to jump right back up, and they're currently trading around $85 a barrel.

So yeah, that was pretty weird and wild, and it's another example of how reactionary and headline-driven the market is right now.

As of right now, the traffic through the Strait of Hormuz is still at a standstill.

In fact, just this morning, there were reports that three cargo vessels were struck by projectiles off the coast of Iran, including one that caught fire and forced the crew to evacuate.

So it's still a dangerous situation.

And while oil prices have come back from their peak of $119, prices are still up 30% since the war broke out about 10 days ago, and consumers are starting to feel the pain at the pump.

So now governments all over the world are preparing to respond to the jump in oil prices.

The 32 countries of the International Energy Agency are planning to vote today on releasing 400 million barrels from their strategic oil reserves, which would be the largest release in history.

So that could put a temporary lid on oil prices.

You know, it adds more supply to the market.

But ultimately, though, I think the market is going to be on edge until the situation with the Strait of Hormuz is resolved.

But there seems to be no signs of that just yet.

You know, the longer that oil prices stay elevated, the bigger the impact it's going to have on the economy.

It could lead to inflation coming back, higher input costs for businesses.

I mean, there's a cascading effect.

Obviously, this is a fast moving story.

We're staying on top of everything.