Ups and downs in the war with Iran may have been an opportunity for insiders betting on oil prices to make a killing, according to a new report.
The report fromABC Newssaid the Department of Justice is taking a close look at several oil market trades that came just before critical moments in the war with Iran.
In four transactions under review, the Justice Department and the Commodity Futures Trading Commission are examining trades that netted more than $2.6 billion to individuals who bet oil prices would drop immediately before they did so.
From the start of the conflict on Feb. 28, the oil market has been up and down depending upon Iran’s strategy, America’s response, and expectations that oil might again flow freely.
The London Stock Exchange Group highlighted the trades, which began on March 23, when 15 minutes before President Donald Trump announced a delay on attacks against Iranian infrastructure, a $500 million bet was placed that oil prices would dip.
On April 7, only hours ahead of Trump’s announcement of a temporary halt in hostilities, a $960 million bet was placed that oil prices would fall.
On April 17, 20 minutes before Iran said the Strait of Hormuz would be opened, a $760 million bet was placed that oil prices were going to drop.
On April 21, 15 minutes before the ceasefire was extended, $430 million worth of bets was placed predicting oil prices were going down.
The Guardiannoted last month that the conflict has been accompanied by unprecedented betting on events through online betting platforms, with many bets being precisely timed to events in the war.
For example, according to one complaint before the Commodity Futures Trading Commission, six so-called insiders reaped $1.2 million from betting when former Iranian Supreme Leader Ali Khamenei would be killed.
Source: VidNews » Feed
