Mystery oil trade reportedly nets $70 million in under an hour

ME News reported that on April 19 (UTC+8), as ceasefire talks between the U.S. and Iran continued, an unusually large, unexplained order resurfaced in the oil market—an event traders often associate with pivotal moments. Data compiled by research firm The Kobeissi Letter showed that at 8:24 a.m. ET on Friday, trading activity abruptly spiked without any headline catalyst: nearly $800 million in transactions went through in a short window, alongside a sharp drop in prices. Twenty-one minutes later, Iran's Foreign Minister Alireza Araghchi said the Strait of Hormuz was "fully open" to all commercial vessels. At 9:06 a.m., U.S. President Trump posted a message thanking Iran for reopening the strait. By 9:10 a.m., U.S. WTI crude futures briefly slipped below $80 a barrel. The Kobeissi Letter estimated the trade generated about $70 million in profit in less than an hour. (Source: PANews)