Trump Ceasefire Extension Triggers $430 Million Oil Price Bet

Traders made huge bets on lower oil prices in the minutes leading up to U.S. President Donald Trump's announcement of an indefinite ceasefire extension with Iran.

The trades, worth $430 million, were placed just 15 minutes before Trump's statement at 2010 GMT on Tuesday.

This is not the first time such large bets have been made in relation to major announcements on the Iran war. In March, a single combined wager was worth $500 million, while April's bets totalled some $2.1 billion.

The trades took place during post-settlement hours, when volumes are typically limited, and did not have much impact on the price of Brent crude, which edged down to $100.66 from $100.91.