Oil markets have been tumultuous since the US and Israel carried out joint strikes on several key Iranian sites earlier this year. Iran retaliated by striking sites across the Middle East and closing the critical Strait of Hormuz waterway.
Prior to the war, about 20% of all global oil traded pass through the waterway.
The strait has been a contentious issued in the war and negotiations – repeatedly opening and closing, causing spikes and slumps in oil prices.
The source linked to Iranian officials has said Tehran has evidence of a $9 billion insider trading operation linked to Jared Kushner and Steve Witkoff, who have been conducting peace talks with Iran.
Between April and May 2026, a series of strangely timed trades in oil futures markets preceded major Iran war announcements. Each of these instances are alleged to be linked to reporting by Axios.
A senior Iranian official previously told an investigative outlet that Tehran privately warned US Vice President JD Vance that Jared Kushner and Steve Witkoff were “abusing” negotiations and that they were “more interested in exploiting insider knowledge to profit in financial markets than reaching a deal.”
On Monday, August 4, Mr Trump told reporters that talks were “going on right now” and will “go quickly, one way or another”.
“This is the last chance for them to sign a good document,” Mr Trump said.
He repeatedly expressed his frustration on Monday after Iran contradicted his claim that talks were ongoing and that a deal had been reached between both sides to reopen the Strait of Hormuz, with further talks to take place around Iran’s nuclear programme, reports Sky News.
Iran’s foreign ministry denied it was in talks with the US.