Oil traders sold futures equivalent to at least 6 million barrels of crude in just two minutes on March 23, shortly before President Donald Trump backed away from threats to strike Iranian power plants, and the US regulator that oversees those trades says it has been looking into the activity, OilPrice reported, citing Bloomberg.

Source: OilPrice, Oct 23, 2026

Commodity Futures Trading Commission (CFTC) Chairman Michael Selig said on Friday that the agency's enforcement division has been examining oil trading during the Iran war, including the unusual surge preceding Trump's announcement, OilPrice reported. "Our enforcement division has been looking at all these trades," Selig told Bloomberg Television. "We take this stuff very seriously."

Source: OilPrice, Oct 23, 2026

The March 23 selling involved Brent and West Texas Intermediate futures, IndexBox reported. Trading volume during the two-minute window was more than 8.5 times the volume recorded during the same period over the preceding week, according to Bloomberg, as reported by both outlets.

Source: IndexBox, Oct 24, 2026

The timing has raised questions about whether some traders had advance knowledge of Trump's plans, OilPrice reported. It said Selig did not identify any traders involved or disclose whether investigators had uncovered evidence of wrongdoing, and that the CFTC has yet to announce any enforcement findings.

Source: OilPrice, Oct 23, 2026

"We are on top of this and, rest assured, people can have confidence in the markets as long as I'm in the seat," Selig said, according to OilPrice.

Source: OilPrice, Oct 23, 2026

Oil markets have been particularly sensitive to presidential announcements since the Iran war began in February, with threats of military strikes and subsequent reversals capable of triggering sharp price swings, OilPrice reported. It said the March 23 trades were not the only unusual activity: Bloomberg previously reported several spikes in oil trading volumes ahead of major Trump announcements this spring, raising concerns about the possible use of nonpublic information.

Source: OilPrice, Oct 23, 2026

Selig also addressed oversight of prediction markets, which the agency is monitoring for possible manipulation ahead of November's midterm elections, and expressed disappointment that Congress had failed to pass the Clarity Act, legislation addressing cryptocurrency regulation, OilPrice reported.

Source: OilPrice, Oct 23, 2026

6 million barrelsFutures equivalent sold in two minutes on March 23, shortly before Trump backed away from threats to strike Iranian power plants
8.5xTrading volume in that two-minute window versus the same period the preceding week, according to Bloomberg
0Traders identified and enforcement findings announced so far, according to the reports