Two Democratic U.S. senators asked the Commodity Futures Trading Commission (CFTC) on Friday to investigate unusual volumes and patterns in oil futures trading that took place immediately before two prominent public announcements by President Donald Trump about military operations involving Iran.
The request, submitted by Senator Elizabeth Warren of Massachusetts and Senator Sheldon Whitehouse of Rhode Island, targets trading surges on March 23 and April 7. The senators said the observed patterns warrant an inquiry into whether market participants acting inside or outside government may have traded on material nonpublic government information.
According to the lawmakers, trading in oil futures climbed in the minutes preceding Mr. Trump’s March 23 announcement that he would delay strikes on Iranian energy infrastructure. The senators noted that the president had earlier warned he would carry out an attack within 48 hours unless Iran opened the Strait of Hormuz - the strategic route used by oil tankers.
Separately, the senators highlighted a rise in trading activity in the hours leading up to Mr. Trump’s April 7 announcement of a two-week ceasefire with Iran. In that instance, traders reportedly positioned for lower oil prices, and oil and gas prices moved lower after the ceasefire was announced.
In late March, CFTC Enforcement Director David Miller said the regulator was monitoring the oil futures market for unusual activity but declined to comment on whether a formal investigation would follow. The senators’ letter frames the trading pattern as raising "serious questions" about potential misuse of material nonpublic information by individuals inside or outside government.
The senators did not supply additional public evidence in their letter beyond identifying the timing of the trades relative to the presidential announcements. The CFTC’s prior comment indicates agency awareness of market behavior, while the senators’ request seeks a more formal review of whether regulatory action is warranted.
Context and next steps
The senators’ appeal asks the CFTC to examine the sequence and nature of trades that preceded the two announcements. The public record included in the senators’ request links specific trading surges to the timing of the March 23 and April 7 statements but does not provide names of traders or firms allegedly involved.
Any further detail on investigatory findings or enforcement actions would need to come from the CFTC, which has so far limited its public comments to monitoring activity.