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International Business Times UK
International Business Times UK
Politics
Stephanie Cruz

Officials Flagged a $580 Million Oil Bet Made Minutes Before Trump's Iran Reversal, Then Were Told to Back Off

Donald Trump CFTC Oil Iran Michael Selig Elizabeth Warren
The CFTC vowed to pursue insider trading and market manipulation with the full force of the law. (Credit: X/ @Law360)

The analysts at the US Commodity Futures Trading Commission (CFTC) who spotted suspicious trading around President Donald Trump's about-turn on Iran, including a roughly $580 million (£438 million) wager against oil prices, were told to withdraw the insider-trading referral they had sent to the agency's enforcement arm, Bloomberg reported on Tuesday.

An adviser to CFTC Chairman Michael Selig stepped in to retract the referral and took over the examination of the trades, according to reports. Career staff were left unsure how, or whether, the matter would move forward.

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