WASHINGTON, May 7 (Bernama-Sputnik/RIA Novosti) -- The United States (US) Department of Justice, together with the Commodity Futures Trading Commission, is probing a number of suspicious oil market trades that took place immediately before important statements from Washington and Tehran regarding the conflict in Iran, according to ABC News on Thursday, reported Sputnik/RIA Novosti.
The investigation reportedly involves at least four "suspiciously timed" trades in which traders placed bets totaling more than US$2.6 billion on a drop in oil prices moments before it happened.
The first trade, in which traders bet over US$500 million on falling oil prices, took place on March 23, minutes before US President Donald Trump announced he was postponing attacks on Iran's energy grid, the report said.
Then, on April 7, hours before Trump announced a ceasefire, traders placed US$960 million in bets on the drop in oil prices, ABC News added.
The third trade reportedly occurred on April 17, 20 minutes before Iranian Foreign Minister Abbas Araghchi announced the opening of the Strait of Hormuz, when traders placed bets worth US$760 million on a decrease in oil prices.
Finally, on April 21, traders placed bets totaling US$430 million on falling oil prices just ahead of Trump's announcement of a ceasefire extension, the report added.
-- BERNAMA-SPUTNIK/RIA NOVOSTI
SKKR
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