Iran has leveled accusations against members of the Trump administration for allegedly manipulating the oil market. A source close to Iranian officials has linked this alleged manipulation to reports from Axios and individuals within the Trump administration.
The oil markets have been experiencing volatility following joint strikes by the US and Israel on key Iranian sites earlier this year. In response, Iran targeted sites across the Middle East and closed the vital Strait of Hormuz waterway, through which about one fifth of global oil trade passed before the conflict.
Peace talks concerning 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, ahead of significant Iran war announcements, are believed to be connected to Axios reporting.
A source mentioned evidence of a $9 billion insider trading operation related to the situation, implicating US Special Envoy for Iran Steve Witkoff and adviser Jared Kushner. An Iranian official previously warned US Vice President JD Vance about the exploitation of insider knowledge for financial gain rather than focusing on reaching a deal.
President Trump, on August 4, stated that negotiations were ongoing and urged swift progress, emphasizing that it was the final opportunity for a mutually beneficial agreement. However, tensions arose as Iran refuted claims of ongoing talks and a deal regarding the reopening of the Strait of Hormuz and discussions on Iran’s nuclear program.
Iran’s foreign ministry denied engaging in any discussions with the US.