The US Department of Justice is investigating around $2.6 billion (£1.9 billion) of suspicious oil trades allegedly linked to developments in the Iran conflict.
According to reports, US authorities are examining four instances in which large oil market positions were placed shortly before major geopolitical announcements related to the war.
Among the trades under scrutiny is more than $500 million reportedly wagered on falling oil prices just 15 minutes before Donald Trump announced a delay to planned strikes on Iran’s power grid on 23 March.
Investigators are also reviewing approximately $960 million of bearish oil trades executed hours before Trump announced a temporary ceasefire on 7 April.
A further $760 million position was reportedly placed only 20 minutes before Abbas Araghchi stated publicly that the Strait of Hormuz remained open.
Authorities are additionally examining around $430 million of trades made shortly before Trump announced an extension to the ceasefire on 21 April.
It remains unclear who placed the trades. Earlier this month, the White House reportedly warned staff against using insider information for trading or betting purposes following a series of unusually timed market moves linked to global events.
The Commodity Futures Trading Commission is also understood to be involved in the investigation.
