Iranian Foreign Minister posted before opening the strait. The oil market sees a large short position of $760 million again.

According to Reuters, about 20 minutes before the reopening of the Strait of Hormuz was announced by the Iranian Foreign Minister on Friday local time, investors bet approximately $760 million on a drop in oil prices. This is another significant bet on the most actively traded commodity in the global market just before a major announcement during the Middle East war. According to LSEG data, between 20:24 and 20:25 Beijing time on Friday night, investors collectively sold 7,990 lots of Brent crude oil futures. Based on the prevailing prices at that time, the value of these trades is approximately $760 million. Shortly after around 20:45, the Iranian Foreign Minister posted that the Strait of Hormuz will be fully open to all commercial ships during the remaining ceasefire period, causing oil prices to drop by as much as 11% in minutes. In recent months, several large and timely trades have raised concerns among US lawmakers and legal experts that decisions related to war and diplomacy may provide advantages to some traders in the volatile and opaque derivatives market. Earlier reports suggested that the US Commodity Futures Trading Commission is investigating a series of crude oil futures trades, including those on March 23 and April 7, which took place shortly before significant policy adjustments by Trump regarding the Iran war.