CFTC Probes Oil Futures Surge Before Trump Shift on Iran

The U.S. Commodity Futures Trading Commission is investigating oil futures trades equivalent to at least 6 million barrels sold in two minutes on March 23, shortly before President Donald Trump backed away from threats to strike Iranian power plants. CFTC Chairman Michael Selig confirmed Friday that the enforcement division is examining oil trading during the Iran war, including the unusual surge. Trading volume in that two-minute window was more than 8.5 times the average for the same period over the preceding week, raising questions about possible advance knowledge of Trump's plans. Selig did not identify traders or disclose findings, but said the agency takes the matter seriously. The CFTC is also monitoring prediction markets for manipulation ahead of November's midterm elections, and Selig expressed disappointment over Congress's failure to pass cryptocurrency legislation.