'Insider trading': Oil and stocks jolt on news of US-Iran deal as some cry 'manipulation' 'Insider trading': Oil and stocks jolt on news of US-Iran deal as some cry 'manipulation' Submitted by MEE staff on Wed, 05/06/2026 - 18:50 Minutes before the report dropped on a potential peace deal, $920m was wagered on oil prices plunging Traders work on the floor of the New York Stock Exchange at the opening bell in New York City, on 30 April 2026 (Timothy A Clary/AFP) Off A report that Iran and the US were inching closer to a peace deal sent oil prices plunging and stock indexes soaring, as some traders claimed that the false starts were starting to smell of market manipulation. A report by Axios published on Wednesday said the two countries were closing in on “a one-page memorandum of understanding to end the war and set a framework for more detailed nuclear negotiations”, amid the US-Israeli war on Iran. Brent crude dropped from $108 per barrel to $97 after the report, before regaining some ground. The international benchmark was still down around seven percent at roughly $102 per barrel.