- The Department of Justice and the Commodity Futures Trading Commission are reportedly investigating a series of multi-million dollar oil price bets.
- These suspicious trades, made between March 23 and April 21, occurred shortly before policy announcements by President Donald Trump and an Iranian official regarding the Iran war.
- Traders placed bets totaling over $500 million that oil prices would fall just minutes before Trump announced he would delay an attack on Iran's power grid.
- Further large bets, including $960 million before a temporary ceasefire and $760 million before the Strait of Hormuz was declared open, resulted in over $2.6 billion in profits for the traders.
- The timing has raised concerns about potential insider trading, leading lawmakers to request an investigation and the White House to issue a memo cautioning staff against betting on future markets related to the conflict.
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