Traders placed more than $500 million in oil bets minutes before Donald Trump announced a delay to planned strikes on Iran, data shows, shortly before prices plunged.
Traders placed large bets on crude futures shortly before Trump said the U.S. would delay attacks on Iran’s energy infrastructure by five days, exchange data and Reuters calculations showed.
Trump had warned Iran to reopen the Strait of Hormuz by Monday or face its power plants being “obliterated”. However, his post on Truth Social at 1105 GMT signalled ongoing talks between Washington and Tehran, triggering a sharp sell-off in oil and gas markets.
Brent crude fell by as much as 15% within minutes, as investors priced in a potential de-escalation that could restore disrupted Gulf oil supplies.
Data from London Stock Exchange Group (LSEG) showed that between 1049 and 1050 GMT, traders exchanged 5,100 lots of Brent and WTI crude futures, worth over $500 million. Selling dominated the trades, though the identities of those involved remain unclear.
Trading activity surged further after Trump’s announcement, with more than 13,000 lots - equivalent to 13 million barrels of oil - changing hands in 60 seconds.
Prices dropped sharply, with Brent falling to about $99 a barrel from $112, while WTI declined to $86 from around $99.
Neither Intercontinental Exchange nor CME Group immediately responded to requests for comment. The U.S. Securities and Exchange Commission declined to comment, and the White House also did not respond.
Despite the fall, oil prices remain more than 40% above pre-conflict levels, with about a fifth of global supply disrupted by the Middle East war. Brent was trading just below $104, amid continued uncertainty and Iran’s denial of any negotiations with the U.S.
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U.S. President Donald Trump says Washington is not seeking an extension of its memorandum of understanding with Iran, claiming the U.S. already controls the Strait of Hormuz through its naval blockade.
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