CFTC Chair says agency is probing surge in oil trades linked to Iran conflict
CFTC Chairman Michael Selig announced that enforcement staff are examining crude-oil trades tied to the Iran war that spiked on March 23, shortly before President Donald Trump eased his threat to strike Iranian power plants.
Michael Selig said that CFTC enforcement staff have been scrutinizing crude-oil trades connected to the Iran war since March 23, when trading volume surged dramatically just before President Donald Trump stepped back from threatening Iranian power plants. Traders sold Brent and West Texas Intermediate contracts covering at least 6 million barrels in a two-minute burst, a volume more than 8.5 times the usual morning level.
A CFTC political appointee allegedly ordered market-monitoring staff to withdraw a referral that had flagged suspicious trading around Trump’s decision. Enforcement Director David Miller said the investigation started on that date and is still active, and that the agency is also watching prediction-market bets for possible tampering before the midterm elections. Separate analysis highlighted unusually high trading activity earlier in the spring and flagged nine Polymarket accounts that earned over $2.4 million on Iran-related bets, underscoring broader concerns about non-public information and market integrity.
Why it matters
The probe examines whether privileged information influenced oil markets, affecting prices and investor confidence.
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