TEHRAN (VINnews) – Iranian state-affiliated media on Wednesday accused Axios correspondent Barak Ravid of spreading false information aimed at manipulating global oil markets after he reported that the United States and Iran were nearing a deal to end their conflict.

Ravid’s report, published early Wednesday, cited U.S. officials as saying the White House believed it was close to a one-page “memorandum of understanding” with Iran. The agreement would reportedly end the war and establish a framework for further nuclear negotiations, according to sources familiar with the discussions.

The story briefly sent oil prices sharply lower, reversing gains linked to the ongoing conflict in the region. Prices later recovered after Iranian officials denied the claims.

IRGC-affiliated media outlets dismissed the Axios report as unfounded, stating no new written messages had been exchanged between Iran and the U.S. They suggested the claims were “evaluated more in terms of influencing global markets, especially the decline in oil prices, than being based on field realities.”

The episode drew scrutiny over unusual trading activity. Reports indicated nearly $920 million in crude oil short positions were placed about 70 minutes before Ravid’s story appeared, leading to accusations of possible insider trading. Oil prices fell as much as 12% in the hours following the report.

Ravid rejected the allegations of market manipulation or coordination with traders, calling them “complete and utter bs” in a post on X.

Ravid, Axios’ Middle East correspondent who also reports for Israeli media, has frequently broken stories on U.S.-Iran and U.S.-Israel developments. Critics have questioned how he consistently gains access to sensitive information from the White House.

Neither the White House nor Axios immediately responded to requests for comment on the Iranian accusations. The back-and-forth comes amid heightened tensions in the Middle East, with indirect talks between Washington and Tehran aimed at de-escalating the conflict.