BREAKING: Traders bet over $500 million on the price of crude only 15 minutes before U.S. President Donald Trump announced a five-day delay to attacks on Iran's energy infrastructure.
Brent crude fell as much as 15% in a matter of minutes as Trump indicated constructive talks between Washington and Tehran were ongoing, prompting investors to price in the possibility of a de-escalation that could unblock the millions of barrels of oil now choked off in the Gulf.
LSEG data shows that between 10:49 and 10:50 GMT, traders placed bets on 5,100 lots of Brent and WTI crude futures , worth well over $500 million, based on a Reuters calculation.
Brent crude crashed to around $99 a barrel from $112 before the pre-announcement trades took place, while WTI fell to $86 from closer to $99 prior to Trump's post.