$950 million bet placed on oil price drop hours before Trump's ceasefire announcement

Traders placed around a $950 million bet on oil prices falling hours before US President Donald Trump announced a two-week ceasefire with Iran, Reuters reported. Oil prices plunged about 15% to below $100/barrel following the announcement. Investors also sold $500 million in oil futures 15 minutes before Trump announced a pause in strikes on Iranian power plants last month.