LONDON: Traders placed $580 mln in oil bets 15 minutes before US President Donald Trump announced productive talks with Iran, causing sharp ...
LONDON: Traders placed $580 mln in oil bets 15 minutes before US President Donald Trump announced productive talks with Iran, causing sharp market volatility, the Financial Times (FT) wrote.
According to the publication, approximately 6,200 contracts for Brent and West Texas Intermediate crude oil were traded. Following Trump's announcement, oil prices fell, while S&P 500 futures rose.
On Monday, the US leader wrote on the social media platform TruthSocial that the US and Iran had held constructive talks over the past two days to end hostilities in the Middle East. He also announced that he had ordered the Pentagon to postpone strikes on Iranian energy infrastructure for five days. The American leader told reporters that both the US and Iran are demonstrating a desire to reach an agreement and that the two sides have "major points of agreement."
Meanwhile, the Iranian news agency Tasnim reported citing a source that Tehran has not held and is not holing any talks with Washington. According to the source, the US President abandoned strikes on Iranian infrastructure because "military threats from Iran have become more credible.".
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