Iran has leveled allegations against members of the Trump administration, accusing them of engaging in a scheme to manipulate the oil market. According to a source close to Iranian officials, Tehran has connected this alleged manipulation to reports from Axios and individuals within the Trump administration.
Oil markets have experienced fluctuations after 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 the world’s oil trade passed before the conflict.
The opening and closing of the strait have disrupted global markets and have been a focal point of peace negotiations. Suspicious trades in oil futures markets between April and May 2026, preceding significant announcements regarding Iran, are believed to be linked to Axios reporting.
A source revealed that Tehran possesses evidence of a $9 billion insider trading operation, as reported by The Hormuz Report. This operation has been tied to US Special Envoy for Iran, Steve Witkoff, and adviser Jared Kushner. Previously, a senior Iranian official warned US Vice President JD Vance privately about the exploitation of insider knowledge by Kushner and Witkoff for financial gain rather than focusing on reaching a deal.
President Trump recently mentioned ongoing talks with Iran and emphasized the need for quick progress, stating that it was the last opportunity for a favorable agreement. However, he expressed frustration after Iran contradicted his claims of ongoing negotiations and a deal to reopen the Strait of Hormuz, denying any discussions with the US.
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