Iran has accused the Trump administration of engaging in oil market manipulation, as per a source close to Iranian officials. Tehran has linked this alleged manipulation to reports from Axios and individuals within the Trump administration. The oil markets have experienced volatility following joint strikes by the US and Israel on key Iranian sites earlier this year. In retaliation, Iran struck various sites in the Middle East and closed the vital Strait of Hormuz waterway, where a significant portion of global oil trade used to flow before the conflict.
Peace talks regarding the strait have been disrupted by its repeated opening and closing, causing disturbances in global markets. Suspiciously timed trades in oil futures markets between April and May 2026, preceding major announcements related to Iran, are believed to be connected to reports by Axios. Tehran claims to have evidence of a $9 billion insider trading scheme, allegedly involving US Special Envoy for Iran Steve Witkoff and adviser Jared Kushner.
A senior Iranian official previously expressed concerns that Kushner and Witkoff were prioritizing personal financial gains over reaching a deal during negotiations. President Trump mentioned ongoing talks on August 4, emphasizing the importance of reaching an agreement promptly. However, tensions rose as Iran denied engaging in talks with the US, contradicting Trump’s statement about a deal being in place to reopen the Strait of Hormuz.