The U.S. Commodity Futures Trading Commission (CFTC) has opened an investigation into a series of oil futures trades that were executed shortly before notable policy changes by President Donald Trump connected to the war in Iran, a person familiar with the probe said on Wednesday.
Investigators are concentrating on transactions conducted on the trading platforms operated by CME Group and the Intercontinental Exchange (ICE). The inquiry is examining at least two specific instances of trades that took place on March 23 and April 7, according to the source.
As part of the review, the CFTC has sought data from the exchanges, including the so-called Tag 50 identifications that point to the entities responsible for the trades. Tag 50 identification fields are among the exchange records the agency has requested to trace the parties behind the activity.
A CFTC spokesperson declined to comment on the matter. Representatives for ICE and CME did not immediately provide comment when contacted.
Experts and lawmakers have raised concerns about the timing of certain trades, noting that well-timed positions in oil futures could have generated millions of dollars in gains. Those concerns have prompted calls for investigations into whether confidential government information was being leaked in advance of public policy announcements.
The White House has issued warnings to staff against using their positions to place bets in futures markets in connection with the ongoing war in Iran. In one example cited by investigators, investors placed an approximately $950 million bet on oil prices just hours before the United States and Iran announced a ceasefire last week.
Last month, the CFTC enforcement director said the agency was focused on policing market misconduct and manipulation, with particular attention to energy markets. He noted the agency was aware of recent speculation regarding insider trading in CFTC-regulated markets and said it was "watching."
Contextual note: The information in this report is based on details provided by a source familiar with the probe and statements from relevant officials as cited above.