Senator Elizabeth Warren, Ranking Member of the U.S. Senate Committee on Banking, Housing and Urban Affairs, and Senator Sheldon Whitehouse wrote to Commodity Futures Trading Commission Chairman Michael S. Selig requesting an investigation into unusual trading patterns in oil futures immediately ahead of two Trump Administration announcements related to the military conflict with Iran, citing potential misuse of material nonpublic government information. The letter points to March 23 trading in which oil futures activity surged minutes before President Trump posted on Truth Social about talks with Iran to potentially de-escalate the war, with the Senators stating there was no public news to explain the price movement. It also cites April 7, 2026 trading in which, in the hours before President Trump announced a two-week ceasefire with Iran that reportedly drove oil prices down about 15 percent, traders placed an approximately USD 950 million bet on oil prices falling. The Senators describe the issue as a recurring concern during the Trump Administration, pointing to other instances where well-timed trades appeared to anticipate major decisions across oil futures, equity options, and prediction markets. The Senators requested written responses by April 30, 2026.

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