Iran has accused officials from the administration of US President Donald Trump of engaging in a consistent practice of manipulating the oil market. According to a source close to Iranian authorities, Tehran has linked this alleged manipulation to reports from Axios and individuals within the Trump administration.
The oil markets have experienced significant fluctuations since joint strikes were conducted earlier this year by the US and Israel on key Iranian sites. In retaliation, Iran targeted various locations in the Middle East and closed off the vital Strait of Hormuz waterway, through which approximately one-fifth of the world’s oil trade flowed before the conflict.
Peace negotiations surrounding the strait have been disrupted by its repeated opening and closing, causing disturbances in global markets. Suspicious trades in oil futures markets between April and May 2026, coinciding with significant announcements related to Iran, have been reportedly associated with Axios reporting.
A source mentioned evidence of a substantial $9 billion insider trading scheme, which was highlighted in a post by The Hormuz Report. The operation was allegedly linked to US Special Envoy for Iran, Steve Witkoff, and adviser Jared Kushner. Earlier, a senior Iranian official had expressed concerns to a news outlet that Tehran had privately cautioned US Vice President JD Vance about the exploitation of insider information by Kushner and Witkoff for personal financial gain rather than focusing on negotiation outcomes.
On Monday, August 4, President Trump informed the press that ongoing discussions were in progress and would proceed swiftly towards a resolution. He emphasized that it was imperative for Iran to sign a favorable agreement promptly, warning that it was their final opportunity to do so.
However, tensions arose when Iran refuted Trump’s assertion of ongoing talks and a supposed agreement to reopen the Strait of Hormuz, followed by further discussions regarding Iran’s nuclear program. Iran’s foreign ministry denied engaging in any negotiations with the US, contradicting the claims made by the Trump administration.
