DOJ probing $2.6 billion in oil trades related to Iran war, sources say
The Department of Justice is investigating a series of suspiciously timed trades in the oil market just ahead of major announcements by President Donald Trump and a top Iranian official about the war in Iran, sources told ABC News.
The DOJ, along with the Commodity Futures Trading Commission, is probing at least four of these trades where traders made a total of more than $2.6 billion betting that oil prices would drop right before they did.
The DOJ and CFTC have not commented on the trades.
ABC News obtained the data of the four trades from the London Stock Exchange Group.
On March 23, 15 minutes before Trump announced that he would delay threatened attacks on Iran's power grid, traders bet more than $500 million that oil prices would fall.
On April 7, hours ahead of a temporary ceasefire announced by Trump, traders bet $960 million that oil prices would fall.
On April 17, 20 minutes before Iran's Foreign Minister Abbas Araghchi posted on social media saying that the Strait of Hormuz was open, traders bet $760 million that oil prices would fall.
On April 21, 15 minutes before Trump announced he would extend the ceasefire, traders placed a series of bets worth $430 million that oil prices would fall.
The series of oil trades was first reported by Reuters and the data from LSEG does not indicate any identities behind these trades and does not prove individuals were trading based on insider information.
This is a developing story. Please check back for updates.
