$950 million crude futures dump preceded U.S.-Iran ceasefire announcement

Reuters reported that in the hours leading up to the U.S.-Iran ceasefire announcement, investors unloaded about 8,600 Brent and WTI crude oil futures contracts at 19:45 GMT on Tuesday, building roughly $950 million in short positions. Later that night, at 22:30 GMT, U.S. President Trump announced a two-week ceasefire agreement with Iran. Crude futures then slid around 15%, dropping below $100 a barrel. Large transactions of this size are typically split across multiple venues to limit market impact, making the placement of a single block order immediately after settlement unusual. The setup resembles a March 23 episode, when investors sold about $500 million in crude futures roughly 15 minutes before Trump said he would delay strikes on Iran's energy infrastructure; oil prices also fell about 15% after that announcement.