.jpg)
2 hours ago
4
Article content
(Bloomberg) — US Senator Elizabeth Warren is asking the Commodity Futures Trading Commission to investigate “unusual trading patterns” in oil futures that took place immediately preceding Trump administration announcements of a potential ceasefire in the Iran war.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
“This pattern raises serious questions about whether there has been recurring misappropriation of material nonpublic government information and about the extent to which individuals inside or outside the government have acted on such information,” Warren, the top Democrat on the Senate’s banking committee wrote.
Article content
Article content
Article content
The letter, sent April 9 to the chairman of the CFTC, was also signed by fellow Democratic Senator Sheldon Whitehouse. Warren and Whitehouse are in the Senate minority and, as such, can’t issue subpoenas or force any legislative or other action.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
The senators said oil futures trading surged dramatically on the morning of March 23, minutes before President Donald Trump posted on Truth Social announcing talks with Iran to potentially de-escalate the war, despite no public news preceding the announcement. Unidentified traders made a $500 million oil futures bet minutes before the post sent crude prices plunging, the senators said.
Article content
On March 24, the White House Management Officer sent an internal staff-wide email that warned employees against using confidential information to place trades on financial markets and fast-growing event betting platforms, according to a White House official who asked not to be identified discussing a confidential matter.
Article content
“President Trump has been completely transparent with the American public about the temporary, short-term disruptions to the energy markets and provided numerous updates on the estimated timeline and military progress made during Operation Epic Fury,” a White House spokesperson said Friday. “President Trump is focused on doing the right thing – which is eliminating the Iranian terrorist regime’s threat to the American people and our allies.”
Article content
Article content
A similar situation occurred on April 7, when in the hours before Trump announced a two-week ceasefire, traders placed an approximately $950 million bet on lower oil prices. Crude plunged roughly 15% following the declaration.
Article content
Other suspicious trades occurred in the minutes before Trump’s “Liberation Day” tariff pause announcement in April 2025, as well as on prediction market Polymarket, where bets were laid on the ouster of Venezuelan leader Nicolás Maduro and strikes on Iran, the senators wrote in the letter.
Article content
—With assistance from Courtney Subramanian.
Article content
(Adds White House response in sixth paragraph.)
Article content
English (US)