Investor Peter Schiff isn't mincing words. On Sunday, he accused President Donald Trump of lying about the situation in the Middle East, as Iran closed the Strait of Hormuz once again amid the uncertainty. But Schiff's real beef isn't just with the geopolitical posturing—it's with what he sees happening in the markets.

Market Manipulation

In a post on X, Schiff delivered some sharp criticism. He suggested the likely reason for "Trump's Truth Social lies" about Iran on Friday was simple: "market manipulation." He added that Trump's insiders "must have made billions" from the trade. Not stopping there, Schiff criticized Trump as being either "incompetent" or "delusional." It's the kind of accusation that makes you sit up and pay attention, especially when there's a $760 million trade involved.

$760 Million Oil Trade

Schiff's comments come as Reuters reported on Friday that traders placed a $760 million bet on falling crude oil prices around 20 minutes prior to the Iranian Foreign Minister announcing the reopening of the Strait of Hormuz. Think about that timing for a second.

The report said that between 12:24 GMT and 12:25 GMT, multiple investors sold over 7,990 lots of Brent crude futures, citing data from the London Stock Exchange Group. The trade was worth over $760 million, according to the prices at the time.

The well-timed nature of this trade, as well as other similar trades in the past, has raised questions about insider trading. Rep. Sam Liccardo (D-Calif.) is alleging that the trades indicated advanced knowledge, in a letter to the Securities and Exchange Commission Chair Paul Atkins. When a trade that big happens right before major news breaks, people start wondering who knew what and when.

Iran's Speaker Of Parliament Slams Trump

On Sunday, Iran's Speaker of Parliament, Mohammad Bagher Ghalibaf, slammed the Trump administration in a cryptic post on X. He said that "Vibe-trading digital oil" was like "vibe-hedging in treasuries during Hormuz risk-off." He added that both the futures shared one "house of cards" which worked on paper, but the difference was that oil had "Dated Brent," but U.S. treasuries were "vibes all the way down."

Ghalibaf, via his post, implied that while the U.S. treasuries remained a solid, safe investment on paper, oil had intrinsic value on the ground, which was backed by actual trade figures like the number of shipments delivered and more. On the other hand, he signaled that U.S. government bonds have no such value and are purely based on sentiment. The speaker had earlier threatened to expose Wall Street insiders, who were allegedly manipulating U.S. policy against Tehran. So there's a bit of a geopolitical chess game happening here, with markets caught in the middle.

Peter Schiff's Criticism Of Trump

Schiff had earlier criticized Trump, warning that a U.S.-led blockade of the Strait of Hormuz could be perceived as an "act of war" by countries that were affected due to the move. He also questioned whether the U.S. had the right to stop China from purchasing oil. It's all part of a larger narrative where financial markets and international tensions are increasingly intertwined, and accusations of manipulation are flying from all sides.