A significant spike in oil prices was observed on a Monday, which was followed by statements from former President Donald Trump indicating that the war would soon come to an end. Meanwhile, U.S. Secretary of Energy Chris Wright posted about the successful evacuation of an oil tanker by the U.S. Navy from the Strait of Hormuz, although he later deleted this post. In response to these events, economist Anas Alhaji has made serious allegations that these were mere manipulations of oil prices aimed at influencing market behavior.

Alhaji pointed out that the subsequent sharp decline in oil prices was not due to any significant developments or changes in the situation at the Hormuz Strait, but rather was a result of deliberate actions taken by the Trump administration. He detailed in his Substack post that the U.S. Department of the Treasury played a substantial role in this manipulation, with the Department of Energy purchasing large quantities of crude oil as prices fell, sending it to Cushing, Oklahoma, a key hub in America’s oil industry that connects major pipelines across the country.

The allegation raises concerns about the transparency of market operations and the extent of governmental influence on commodity prices. With Cushing serving as a pivotal distribution point for oil futures contracts, any manipulation can have far-reaching consequences on both domestic markets and global oil supply chains. Alhaji’s claims, if substantiated, could potentially lead to increased scrutiny of federal actions regarding oil price stabilization and market integrity.