CFTC Investigates Abnormal Crude Oil Futures Trades Before Trump Iran Policy Shift
A source said Wednesday that the U.S. Commodity Futures Trading Commission (CFTC) is investigating a series of crude oil futures trades executed just before President Trump made a major shift on Iran war policy.
CFTC Chairman Michael Selig, in prepared remarks for a Thursday congressional hearing, said the agency will hold violators accountable, though the testimony did not mention any specific probe. An agency spokesperson declined to comment.
“Let me be clear: To anyone who engages in fraud, manipulation, or insider trading in our markets: We will find you, and you will face the full force of the law,” Selig said in the remarks seen by media.
The CFTC is focusing on crude oil futures contracts traded on CME Group and ICE platforms, reviewing at least two trades placed on March 23 and April 7, the source said. These precisely timed trades may have generated millions in profits, raising concerns among lawmakers and legal experts over potential abuse in volatile, low-transparency derivatives markets when decisions on war and diplomacy are made. Hours before the U.S. and Iran announced a ceasefire last week, investors made a roughly $950 million bearish bet on oil prices. On March 23, similarly well-timed trades occurred before Trump delayed a strike on Iran.
