US Justice Department probes suspicious $2.6B oil trades linked to Iran war: Report

The US Department of Justice (DOJ) is investigating several suspicious oil market trades made shortly before major announcements related to the Iran war, according to a report Thursday.

Citing sources, ABC News reported that the DOJ, alongside the Commodity Futures Trading Commission (CFTC), is probing at least four trades in which investors wagered more than $2.6 billion that oil prices would fall shortly before they declined.

The report said the trades took place ahead of statements by President Donald Trump and Iranian Foreign Minister Abbas Araghchi concerning developments related to the Iran war and the Strait of Hormuz.

Data obtained by ABC News from the London Stock Exchange Group (LSEG) show traders placed bets worth more than $500 million on March 23, minutes before Trump announced a delay in threatened attacks on Iran’s power grid.

Additional trades included a $960 million wager ahead of Trump’s April 7 ceasefire announcement, a $760 million trade before Araghchi said the Strait of Hormuz was open on April 17 and another $430 million bet before Trump extended the ceasefire on April 21.

The identities behind the trades remain unknown, and the data does not prove insider trading, the report added.

The Justice Department did not immediately comment on the report.