Warren Seeks US Probe of ‘Suspicious’ Wartime Oil Trades

Article content(Bloomberg) — US Senator Elizabeth Warren is asking the Commodity Futures Trading Commission to investigate “unusual trading patterns” in oil futures that took place immediately preceding Trump administration announcements of a potential ceasefire in the Iran war.Sign In or Create an AccountEmail AddressContinueor View more offersArticle content“This pattern raises serious questions about whether there has been recurring misappropriation of material nonpublic government information and about the extent to which individuals inside or outside the government have acted on such information,” Warren, the top Democrat on the Senate’s banking committee wrote. Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article contentArticle contentThe letter, sent April 9 to the chairman of the CFTC, was also signed by fellow Democratic Senator Sheldon Whitehouse. Warren and Whitehouse are in the Senate minority and, as such, can’t issue subpoenas or force any legislative or other action. Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article contentThe senators said oil futures trading surged dramatically on the morning of March 23, minutes before President Donald Trump posted on Truth Social announcing talks with Iran to potentially de-escalate the war, despite no public news preceding the announcement. Unidentified traders made a $500 million oil futures bet minutes before the post sent crude prices plunging, the senators said. Article contentOn March 24, the White House Management Officer sent an internal staff-wide email that warned employees against using confidential information to place trades on financial markets and fast-growing event betting platforms, according to a White House official who asked not to be identified discussing a confidential matter. Article content“President Trump has been completely transparent with the American public about the temporary, short-term disruptions to the energy markets and provided numerous updates on the estimated timeline and military progress made during Operation Epic Fury,” a White House spokesperson said Friday. “President Trump is focused on doing the right thing – which is eliminating the Iranian terrorist regime’s threat to the American people and our allies.”Article contentArticle contentA similar situation occurred on April 7, when in the hours before Trump announced a two-week ceasefire, traders placed an approximately $950 million bet on lower oil prices. Crude plunged roughly 15% following the declaration.Article contentOther suspicious trades occurred in the minutes before Trump’s “Liberation Day” tariff pause announcement in April 2025, as well as on prediction market Polymarket, where bets were laid on the ouster of Venezuelan leader Nicolás Maduro and strikes on Iran, the senators wrote in the letter. Article content—With assistance from Courtney Subramanian.Article content(Adds White House response in sixth paragraph.)Article contentTrending Bank of Canada rate hike bets look 'unrealistic' given 'sclerotic' state of jobs market, say economists Economy This TSX oilsands major could jump as much as 20% on the Iran war and Strait of Hormuz crisis, analyst says Investor BYD to open 20 car dealerships in Canada this year Autos How the global energy crisis is shaking Canada from coast to coast — and could leave a lasting legacy Oil & Gas Posthaste: More Canadians desperate for tax refund to plug holes in their finances News Share this article in your social networkCommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information. Bank of Canada rate hike bets look 'unrealistic' given 'sclerotic' state of jobs market, say economists Economy This TSX oilsands major could jump as much as 20% on the Iran war and Strait of Hormuz crisis, analyst says Investor BYD to open 20 car dealerships in Canada this year Autos How the global energy crisis is shaking Canada from coast to coast — and could leave a lasting legacy Oil & Gas Posthaste: More Canadians desperate for tax refund to plug holes in their finances News