CFTC Investigates Oil Trades Before Trump Iran Announcements

The U.S. Commodity Futures Trading Commission is investigating a series of suspicious oil futures trades executed shortly before key policy announcements by President Donald Trump on the war in Iran, according to people familiar with the matter. The probe centers on trading activity on March 23 and April 7, when volumes surged on platforms operated by CME Group and Intercontinental Exchange, leading to sharp drops in oil prices and gains in equities.

On March 23, billions of dollars in oil and stock futures changed hands about 15 minutes before Trump announced via a Truth Social post that he was postponing threatened strikes on Iranian energy infrastructure. The disclosure triggered a plunge in crude prices. Two weeks later, on April 7, nearly $1 billion in bets on falling oil prices were placed in the hours before Trump revealed a two-week ceasefire with Iran, further depressing energy markets and boosting stock values. Regulators suspect these well-timed trades may have exploited material nonpublic information, potentially generating tens of millions in profits for those involved.

The CFTC has requested Tag 50 identification data from the exchanges to trace the entities and...