The Strait Is Closed, the Story Keeps Changing, and You're Paying for It All

There's a particular kind of dread that sets in when you're watching an official tweet get deleted in real time. On Tuesday, the Energy Secretary posted that the U.S. Navy had successfully escorted an oil tanker through the Strait of Hormuz. Markets moved on it... Brent crude swung 17 percent in a single session, briefly crashing below $80. The White House press secretary then clarified: no armed escort had actually taken place. The tweet disappeared. Brent recovered toward $90. And somewhere, a few hundred traders made a lot of money…