According to The Kobeissi Letter, 70 minutes before Axios reported that the U.S. and Iran were nearing a “14 Points” agreement to end the war, the market saw about $920 million worth of crude oil short positions. It says that at 3:40 today Eastern Time, in the absence of any major news, nearly 10,000 crude oil short contracts were opened, with a notional value of about $920 million; at 4:50, Axios reported that the U.S. was close to reaching a “Memorandum of Understanding” to end the war with Iran; by 7:00, oil prices had fallen by more than 12%, and the aforementioned crude oil shorts had generated profits of about $125 million. A few minutes later, Iran launched the “Persian Gulf Strait Management Authority,” and oil prices subsequently rose by 8%.