Investing.com — Two Democratic senators on Friday called on the US Commodity Futures Trading Commission to investigate unusual trading activity in oil futures markets ahead of two major announcements by President Donald Trump regarding military operations in Iran.
Elizabeth Warren of Massachusetts and Sheldon Whitehouse of Rhode Island requested probes into trading surges that occurred on March 23 and April 7. The lawmakers said the trading patterns raise questions about potential misuse of nonpublic government information.
Oil futures trading increased in the minutes before Trump announced on March 23 that he would delay strikes on Iranian energy infrastructure. Trump had previously threatened to attack within 48 hours unless Iran opened the Strait of Hormuz, a key waterway for oil tankers.
Trading activity also rose in the hours before Trump announced a two-week ceasefire with Iran on April 7, with traders betting on falling oil prices. Oil and gas prices dropped following the ceasefire announcement.
CFTC Enforcement Director David Miller said in late March that the regulator was monitoring the oil futures market for unusual activity but declined to comment on potential investigations.
The senators wrote that the pattern raises serious questions about whether individuals inside or outside the government have acted on material nonpublic government information.
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