Oil drops 15% to below $80 after Energy Secretary says Navy escorted tanker through Strait of Hormuz

Oil prices have fallen sharply by 15%, dipping below $80 per barrel following the announcement from the Energy Secretary regarding Navy escorts for tankers through the Strait of Hormuz. This news suggests increased military presence and potential geopolitical tensions which could have longer-term implications for oil supply. Additionally, the International Energy Agency's planned extraordinary meeting on Tuesday to consider the release of emergency oil stockpiles indicates concern over rising oil prices. The combination of these factors is likely to impact energy sector stocks. Investors should remain cautious as volatility in oil prices may influence related industries.