Iran has accused the Trump administration officials of engaging in a systematic manipulation of the oil market. According to a source close to Iranian authorities, Tehran believes that the alleged manipulation is connected to reports from Axios and individuals within the Trump administration.

The oil markets have experienced significant volatility following joint strikes by the US and Israel on key Iranian sites earlier this year. In response, Iran carried out strikes across the Middle East and closed the vital Strait of Hormuz waterway, through which approximately one fifth of global oil trade typically flows.

The opening and closing of the Strait of Hormuz have disrupted global markets, impacting peace talks centered around the region. Between April and May 2026, suspicious trades in oil futures markets occurred ahead of major announcements related to the conflict with Iran, which are reportedly linked to Axios reporting.

Tehran claims to have evidence of a $9 billion insider trading scheme, with the alleged involvement of US Special Envoy for Iran, Steve Witkoff, and advisor Jared Kushner. Iranian officials have privately warned US Vice President JD Vance that Kushner and Witkoff were exploiting negotiations for personal financial gain rather than focusing on reaching a deal.

President Trump stated on August 4 that discussions were ongoing and emphasized the importance of reaching an agreement swiftly. However, tensions arose as Iran denied being in talks with the US, contradicting Trump’s statements about a potential deal regarding the reopening of the Strait of Hormuz and discussions on Iran’s nuclear program.