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DOJ investigating $2.6 billion worth of oil bets placed just before Trump’s Iran war announcements, report say

The Independent·Ariana Baio·25 days ago
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#comments#prices#iran#bets#futures#trading
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The Department of Justice and a federal agency that oversees certain betting markets are reportedly probing a series of bets on oil prices that were placed shortly before President Donald Trump and an Iranian official making policy announcements regarding the Iran war. Between March 23 and April 21, four multi-million-dollar trades were made betting oil prices would drop right before they did. The traders who acted on these made more than $2.6 billion. But the suspiciously-timed trades have caught the attention of the DOJ and Commodity Futures Trading Commission, which are now probing them, Reuters and ABC News reported. Roughly 15 minutes before Trump announced he would delay an attack on Iran’s power grid on March 23, traders bet more than $500 million that oil prices would fall, according to London Stock Exchange Group data shared with ABC News. Hours before Trump announced a temporary ceasefire with Iran, on April 7 , traders bet $960 million that oil prices would drop.…

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