finance
Rep. Ritchie Torres Requests Federal Probe into Oil and Equity Futures Trades Before Trump Iran Announcement
Rep. Ritchie Torres, D-N.Y., has called for a federal investigation into trading activity in oil and equity futures markets that occurred shortly before President Donald Trump's announcement of a five-day pause in attacks on Iran's energy infrastructure in March.
Apr 8, 3:22 PM·2m read1 source
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Rep. , sent a letter on Wednesday to Securities and Exchange Commission Chair Paul Atkins and Commodity Futures Trading Commission Chair Michael Selig, requesting a probe into suspicious trading in oil and equity futures markets. The trades took place in the minutes before President Donald Trump's announcement on March of a five-day delay in attacks on Iran's energy infrastructure.
The letter, first reported by CNBC, addresses reports of irregular and well-timed trades ahead of the announcement made via Truth Social. According to Reuters, more than $500 million in crude oil futures trades occurred in the roughly 15 minutes before the announcement.
The New Yorker reported an abnormal surge in futures trading volume in the immediate lead-up, with trades predicting a decline in oil prices and a rebound in equity markets.
m. without a hedge. " — Rep. Ritchie Torres (CNBC) Torres stated in the letter that the occurrence may constitute one of the largest instances of insider trading in history. He called on the SEC to open a formal investigation and, in consultation with the CFTC, obtain comprehensive trading records.
A spokesperson for the SEC declined to comment on Wednesday, and the CFTC did not immediately respond to a request for comment.
This request marks the second time in several months that Torres, a member of the House Financial Services Committee, has raised issues of potential insider trading linked to Trump administration actions.
In January, Torres introduced legislation following a well-timed bet on the prediction market platform Polymarket in the hours before the ouster of Venezuelan President Nicolás Maduro, which resulted in a $400,000 payout. The legislation would prohibit federal elected officials, congressional staff, political appointees, and executive branch officials from buying or selling event contracts based on government policy, actions, or political outcomes if they possess material nonpublic information.
