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The U.S. Department of Justice investigates $2.6 billion oil insider trading case
BlockBeats News. On May 7, the U.S. Department of Justice (DOJ) has joined forces with the U.S. Commodity Futures Trading Commission (CFTC) to investigate a series of oil market trades that appeared suspicious in timing. These trades took place shortly before Donald Trump made major statements about the Iran war; in total, traders spent more than $2.6 billion predicting that oil prices would fall, and oil prices subsequently did fall. Data obtained from the London Stock Exchange Group shows that the investigation involves at least four major trades. The identities of the traders have not been confirmed, and there is no proof that insider trading occurred.
Specific trades include:
On March 23, fifteen minutes before Trump announced a postponement of an attack on Iran’s power grid, with a trading volume of over $500 million;
On April 7, a few hours before the temporary ceasefire announcement, with a trading volume of $960 million;
On April 17, twenty minutes before Iran’s foreign minister announced the opening of the Strait of Hormuz, with a trading volume of $760 million;
On April 21, fifteen minutes before Trump announced an extension of the ceasefire, with a trading volume of $430 million.
The DOJ and CFTC have not made any comments on the matter, and the case is still under investigation.