Investigation Called for Suspicious Futures Trading Before Trump’s Iran Announcement

U.S. Representative Ritchie Torres, a Democrat from New York, has called for a federal investigation into suspicious trading activity in oil and equity futures markets that occurred shortly before President Donald Trump announced a five-day pause in attacks on Iran's energy infrastructure on March 21, 2026. Torres alleges that over $500 million in crude oil futures trades were executed in the 15 minutes leading up to Trump's announcement, suggesting potential insider trading.

Rep. Torres calls for probe into suspicious futures trades before Iran ceasefireCNBC

Torres highlighted an abnormal surge in trading volume that predicted a decline in oil prices and a rebound in equity markets just before the presidential announcement. He stated, “What kind of trader would make a massive trade at 6:49 a.m., 15 minutes before a market-moving presidential announcement with billions of dollars at stake and without a hedge? The only plausible answer to that question is an insider trader.” In a letter to Paul Atkins, Chair of the Securities and Exchange Commission (SEC), and Michael Selig, Chair of the Commodity Futures Trading Commission (CFTC), Torres described the trading activity as potentially one of the largest instances of insider trading in history.

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This incident is not isolated; it follows Torres's previous concerns regarding insider trading linked to political events. In January 2026, he introduced legislation aimed at prohibiting federal officials from trading event contracts based on nonpublic information regarding government actions. This legislation has garnered support from 42 Democratic cosponsors but faces challenges in the Republican-controlled House.

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Torres expressed a lack of confidence in market regulators, stating, “We cannot allow the SEC and the CFTC to turn a blind eye to what may be the largest case of insider trading in history.” He urged the SEC to conduct a formal investigation into the suspicious trading activity. As of now, both the SEC and CFTC have not publicly responded to Torres's request for an investigation.

Rep. Torres calls for probe into suspicious futures trades before Iran ceasefireCNBC

Concerns about the integrity of U.S. financial markets have been raised by Torres and other Congressional Democrats, particularly regarding the CFTC's oversight of prediction markets. A group of House Democrats recently sent a letter questioning the CFTC's regulatory capabilities over event bets placed on offshore platforms like Polymarket, especially in light of recent high-profile allegations of insider trading.

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The SEC and CFTC have yet to respond to the calls for a formal investigation. Should they proceed, they are expected to obtain comprehensive trading records to assess whether insider trading occurred in relation to the suspicious futures trades.

Rep. Torres calls for probe into suspicious futures trades before Iran ceasefire

• “What kind of trader would make a massive trade at 6:49 a.m., 15 minutes before a market-moving presidential announcement with billions of dollars at stake and without a hedge? The only plausible answer to that question is an insider trader. Any other alternative is a statistical impossibility.” — Rep. Ritchie Torres, U.S. Congressman

Rep. Torres calls for probe into suspicious futures trades before Iran ceasefire

• “I have a lack of confidence in our market regulators. But we have no choice but to agitate for accountability. We cannot allow the SEC and the CFTC to turn a blind eye to what may be the largest case of insider trading in history.” — Rep. Ritchie Torres, U.S. Congressman

Rep. Torres calls for probe into suspicious futures trades before Iran ceasefire