Torres Urges Probe Into Oil Trades Before Iran Ceasefire
Ritchie Torres urged regulators to probe $950 million in oil trades made before US-Iran ceasefire. Other Democrats also seek scrutiny of timely market deals.
A prominent lawmaker from the United States is calling for a federal investigation into suspicious market activity involving West Texas Oil and Brent Crude Oil. Congressman Ritchie Torres sent a formal request to market regulators on Tuesday, following reports of massive trades placed just hours before a significant diplomatic breakthrough with Iran.
The request focuses on a series of trades worth approximately $950 million that bet on a sharp decline in energy prices. These positions were reportedly established within a single minute, occurring shortly before the White House announced a two-week ceasefire. Following the announcement, crude futures dropped by roughly 15% at the start of the next regular trading session, potentially netting the investors significant profits.
