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The U.S. Department of Justice Investigates $2.6 Billion Oil Insider Trading
On May 7, the U.S. Department of Justice (DOJ) announced it has joined the U.S. Commodity Futures Trading Commission (CFTC) in investigating a series of suspicious oil market trades. These trades occurred shortly before President Trump made significant statements regarding the Iran war, with traders spending over $2.6 billion predicting a drop in oil prices, which indeed subsequently fell. Data obtained from the London Stock Exchange Group shows that the investigation involves at least four major trades, with the identities of the traders still unknown and no evidence of insider trading confirmed.
Specific trades include:
- 15 minutes before Trump announced the delay of the attack on Iran’s power grid on March 23, with a trading volume of over $500 million;
- A few hours before the temporary ceasefire was announced on April 7, with a trading volume of $960 million;
- 20 minutes before Iran’s foreign minister announced the opening of the Strait of Hormuz on April 17, with a trading volume of $760 million;
- 15 minutes before Trump announced the extension of the ceasefire on April 21, with a trading volume of $430 million.
Both the DOJ and CFTC have declined to comment, and the case remains under investigation.