Torres probes $950M oil bet before Iran ceasefire
Get the Energy newsletter
Daily energy & climate — solar, EVs, oil, the policy fights and tech bets shaping the transition. Free.
- Congressman Ritchie Torres pushed the SEC and CFTC to investigate a burst of oil market activity that occurred within a one‑minute window before the U.S. announced a ceasefire with Iran.
- The $950 million bets were placed on falling oil prices shortly before the ceasefire announcement, representing nearly a billion dollars in downside positions.
- Crude futures fell about 15 % after the ceasefire became public, delivering profit to those holding the downside bets.
- Senators Elizabeth Warren and Sheldon Whitehouse have also raised concerns about similarly timed trades tied to policy decisions on Iran, Venezuela, and tariffs.
- The Iran conflict has driven crude oil prices up roughly 40 % and pushed barrel prices above $100 as disruptions in the Strait of Hormuz cut about 20 % of global supply.
Why it matters: If the bets were based on non‑public information, the traders would have profited while undermining market integrity, and regulators risk losing credibility for failing to police insider trading in a volatile commodity market, especially as crude futures fell 15 % after the ceasefire announcement.
Ask SkimNews
