Sources say the Justice Department is investigating $2.6 billion in oil trade related to the Iran war
The Justice Department is investigating a series of suspiciously timed trades in the oil market ahead of major announcements by President Donald Trump and a senior Iranian official about the war in Iran, sources told ABC News.
The Justice Department, along with the Commodity Futures Trading Commission, is investigating at least four of these trades in which traders made a total of more than $2.6 billion betting that oil prices would fall just before they did.
The Department of Justice and the Commodity Futures Trading Commission (CFTC) did not comment on the trades.
The logo of the US Department of Justice is displayed in front of a press conference on Monday, May 4, 2026 in Washington.
Julia Demarie Nickinson/AP
ABC News obtained data for the four trades from the London Stock Exchange Group.
On March 23, 15 minutes before Trump announced he would postpone the threat of attacks on Iran’s power grid, traders bet more than $500 million that oil prices would fall.
On April 7, hours before Trump’s temporary ceasefire, traders bet $960 million that oil prices would fall.
On April 17, 20 minutes before Iranian Foreign Minister Abbas Araqchi posted on social media 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 $430 million bets that oil prices would fall.
The series of oil trades was first reported by Reuters. Data from LSEG does not indicate any identities behind these trades nor prove that the individuals were trading based on insider information.
This is a developing story. Please check back for updates.
