DOJ probes billions’ worth of oil trades timed to Iran war news
NBC News • • business
Key Points:
- The Justice Department and the Commodity Futures Trading Commission are investigating oil market trades made just before major policy announcements related to the U.S.-Israeli conflict with Iran, focusing on potential insider trading.
- The probe also includes a separate investigation into suspicious activities on prediction market platforms connected to developments in the Iran war.
- Investigators are examining at least four trades from March and April where traders reportedly made over $2.6 billion betting on a drop in oil prices before key geopolitical events occurred.
- The investigation is in early stages with no conclusive evidence of criminal wrongdoing, and it is being led by the U.S. Attorney’s Office for the Southern District of New York.
- Major exchanges and regulatory bodies, including CME Group, Intercontinental Exchange, and the U.K.’s Financial Conduct Authority, have declined to comment on the ongoing probe.
