Back to today’s briefing

Story perspectives

US Oil Falls 12% After Axios Iran Deal Report

5/7/2026

47 7 Full Breakdown

Summary

Story summary

U.S. oil markets fell 12% after an Axios report said the U.S. and Iran were near a memorandum of understanding.
Traders opened 10,000 crude short contracts worth $920 million at 3:40 AM ET and by 7:00 AM ET earned $125 million as prices fell sharply.
Quant head Marko Kolanovic said the market appeared manipulated and that Iranian spokesperson Ebrahim Rezaei called the Axios report an “Americans' wish list”.

1 of 1

Story summary

U.S. oil markets fell 12% after an Axios report said the U.S. and Iran were near a memorandum of understanding.
Traders opened 10,000 crude short contracts worth $920 million at 3:40 AM ET and by 7:00 AM ET earned $125 million as prices fell sharply.
Quant head Marko Kolanovic said the market appeared manipulated and that Iranian spokesperson Ebrahim Rezaei called the Axios report an “Americans' wish list”.