DOJ probes $2.6B in suspicious oil trades tied to Iran war announcements: report

Federal investigators are probing at least four suspiciously timed oil trades worth more than $2.6 billion that were placed just minutes before major announcements about the Iran war sent crude prices tumbling, according to a report.The Department of Justice and the Commodity Futures Trading Commission are investigating whether traders improperly obtained advance information tied to military and diplomatic developments involving the US, Iran and the Strait of Hormuz, ABC News reported Thursday, citing sources familiar with the matter.The suspicious trades allegedly involved huge wagers that oil prices would fall shortly before President Trump and a senior Iranian official made market-moving announcements during the conflict.Data obtained by ABC News from the London Stock Exchange Group showed that on March 23, traders placed more than $500 million in bets that oil prices would decline just 15 minutes before Trump announced he would delay threatened attacks on Iran’s power grid.Oil prices dropped sharply after that announcement.On April 7, traders wagered about $960 million against oil prices hours before Trump revealed a temporary ceasefire.Another suspiciously timed trade came on April 17, when traders placed $760 million in bearish oil bets about 20 minutes before Iranian Foreign Minister Abbas Araghchi posted on social media that the Strait of Hormuz was open to commercial shipping.The strait is one of the world’s most critical oil chokepoints, and its closure has rattled energy markets throughout the conflict.On April 21, traders were found placing another $430 million worth of bets on falling oil prices just 15 minutes before Trump announced an extension of the ceasefire.Reuters first reported several of the trades earlier this year.The trading data itself does not identify the individuals or firms behind the positions and does not prove insider trading or any criminal conduct occurred.Still, the sheer size and timing of the bets have helped fuel concern am...