Regulators Examine Oil Trades Ahead of Trump Iran Announcements

The Commodity Futures Trading Commission is examining trades by three financial firms that profited from oil futures placed shortly before President Trump announced developments in the Iran conflict. The trades occurred on four separate dates between March and April.

On March 23, more than $800 million in oil futures changed hands minutes before Trump said he would postpone bombing Iran’s infrastructure. Similar spikes took place on April 7, hours before a temporary ceasefire announcement; on April 17, minutes before Iran’s Foreign Minister said the Strait of Hormuz was open; and on April 21, minutes before Trump extended the ceasefire.

Documents reviewed by the Wall Street Journal show the firms earned roughly $15 million combined. Qube Research & Technologies recorded about $5 million in adjusted gains. Totsa, the trading arm of TotalEnergies, earned roughly $200,000. Forza Fund Ltd.

recorded approximately $10 million. The Commodity Futures Trading Commission has opened an inquiry into whether any of the firms had access to non-public information. The three firms have not been accused of wrongdoing.

Statements from the Firms Qube Research & Technologies stated it is not aware of any investigation and has not been contacted by the Commodity Futures Trading Commission. TotalEnergies told the Journal it is not aware of any Commodity Futures Trading Commission investigation into its crude oil trading activities.

The company said Totsa maintains a strict market compliance program and has a zero-tolerance policy toward wrongdoing. , also told the Journal it has not been contacted by the Commodity Futures Trading Commission.

U.S. actions against Iran have led to repeated closures of the Strait of Hormuz, a waterway that carries roughly 25 percent of the world’s oil. Oil prices have fluctuated as a result. Investigators face challenges because many firms use automated trading systems that rely on algorithms and public data sources.

Other firms contacted by the Commodity Futures Trading Commission have said their decisions followed public headlines indicating Trump was considering ending the conflict, according to people familiar with the probe. A separate investigation into bets placed on prediction markets is also underway, NBC News reported.