Report: Traders placed huge oil bets before Trump Iran announcement

Traders placed more than $500 million in oil futures bets minutes before President Donald Trump announced “very good and productive conversations” with Iran, the Financial Times reported.

Data showed thousands of Brent and West Texas Intermediate contracts were traded shortly before the statement, which later triggered a sharp drop in prices.

The timing of the trades has raised concerns in financial markets about possible insider activity.

“My gut… is this is really abnormal,” one portfolio manager said, adding: “Somebody just got a lot richer.”

Iran has denied the talks as officials accused Trump of attempting to manipulate oil and financial markets with the comments.