Traders were actively making deals with oil futures worth around $580 million in the 15 minutes before US President Donald Trump's post about productive negotiations with Iran, which caused sharp market fluctuations, the Financial Times reports.

According to the outlet, around 6,200 contracts for Brent and West Texas Intermediate crude were concluded. After Trump's post, oil prices fell while S&P 500 index futures rose.

On Monday, the American leader wrote on Truth Social that the US and Iran had held constructive talks over the past two days about ending hostilities in the Middle East. He also said he had ordered the Pentagon to delay strikes on Iranian energy infrastructure facilities for five days. The American leader told journalists that both the US and Iran are showing a desire to reach an agreement, with the parties having "major points of convergence."

Meanwhile, Iranian agency Tasnim, citing a source, reported that Tehran has not been and is not conducting negotiations with Washington. According to its information, the US president backed down from strikes on Iranian infrastructure because "Iran's military threats have become more convincing."