The Justice Department is opening a probe into suspiciously timed oil market trades made before announcements about the war in Iran by President Donald Trump and Iranian leaders, ABC News reported citing anonymous sources—including four in March and April which netted traders over $2.6 billion in total.
Traders made over $2.6 billion through four suspicious trades made in March and April, according to an ABC News report.
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News of the DOJ investigation comes only weeks after the Commodity Futures Trading Commission opened an investigation into at least two of the same trades that occurred in March and April, multiple outlets reported.
Investigators are examining at least three bets placed on the price of oil placed just before Trump made major announcements about extending ceasefires with Iran, and at least one placed before Iranian Foreign Minister Abbas Araghchi made an announcement claiming the Strait of Hormuz was reopened, according to the report.
The Justice Department did not immediately return a request for comment from Forbes.
The first two suspicious trades that caught the attention of the CFTC happened on March 23 and April 7, and were first reported by Reuters. On March 23, traders placed a bet worth about $500 million that the price of oil would fall and stock futures would rise. About 15 minutes later, Trump posted a Truth Social message announcing he would postpone impending attacks on Iran’s power plants and infrastructure. Traders placed a similar bet on the falling price of oil on April 7, shortly before the U.S. and Iran announced a two-week ceasefire. That bet was worth approximately $950 million, according to Reuters.
The ABC News report identified two more suspicious trades reportedly being reviewed by the Justice Department. The first happened on April 17, when traders placed about $760 million in bets about 15 minutes before Iran’s foreign minister Araghchi announced the Strait of Hormuz would be reopened. The other trade took place on April 21 minutes before another Trump post on Truth Social—this time extending the ceasefire with Iran. ABC News cited data from the London Stock Exchange, which does not identify the traders or prove they were instances of insider trading.
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