According to Reuters, traders sold 4,260 Brent crude futures contracts about 15 minutes before Trump announced the extension on April 21.
The trade was worth about $430 million, or roughly 630 billion won, at the time — a sizable directional bet on falling prices. Reuters noted the sale came during the typically thin “after-settlement” period, given that the Brent market settles at 1830 GMT.
London Stock Exchange Group data showed Brent was little changed just before the trade, edging down to $100.66 a barrel from $100.91. After the ceasefire extension was announced, it slid sharply to $96.83.
The timing has raised the possibility that investors who bet on a decline shortly before the announcement may have made substantial profits.
Reuters said it was the fourth such large bet since the Iran war, and the third this month. On March 23, about $500 million in selling was reported about 15 minutes before Trump announced a delay in an attack on Iran’s power infrastructure. On April 7, ahead of an announcement of a two-week ceasefire, there was a sale worth about $950 million. On April 17, about $760 million was traded about 20 minutes before Iranian Foreign Minister Abbas Araghchi said Iran would allow passage through the Strait of Hormuz.
The repeated trades shortly before major policy announcements have prompted some to raise concerns about possible leaks of inside information.
The U.S. Commodity Futures Trading Commission has opened an investigation into a series of unusual crude oil futures trades, including those on March 23 and April 7.
* This article has been translated by AI.
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