Senator Raphael Warnock (D-GA) recently sent a letter to the Commodity Futures Trading Commission (CFTC), calling for a full investigation, public update, and report to Congress regarding a series of suspicious trades in the oil futures market.
The letter was sent in partnership with Senate Agriculture Ranking Member Amy Klobuchar (D-MN), alongside Senators Cory Booker (D-NJ), Ben Ray Luján (D-NM), and Elissa Slotkin (D-MI).
The well-timed bets have stood out in a market where the price of oil continues to rise and drop dramatically during President Trump’s war with Iran.
The most obvious example of this took place in March, roughly 15 minutes before President Trump posted on Truth Social that a cease-fire had been agreed to. In this instance, a single trader made more than $580 million in oil futures trades.
Public reporting has also revealed at least three more instances in which traders have timed the oil markets curiously well since the start of the war with Iran.
The trades on oil futures have raised concerns that material nonpublic information is being used to facilitate trades and game the system.
The Letter
As a senior member of the Senate Agriculture Committee, Sen. Warnock vowed to put a stop to corruption, investigate suspicious trades, and hold those responsible accountable.
In the letter, Sen. Warnock and his colleagues formally request that the CFTC conduct an investigation and explain to the public exactly what is occurring.
The Senators also requested a formal briefing by June 15, leaving the Commission a little over two weeks to organize and collect their findings.
The Commission was also requested to answer the following questions:
- How many full-time employees are dedicated to monitoring for market manipulation in commodity futures markets in FY 2026, FY 2025, and FY 2024?
- How many active investigations into potential market manipulation or misuse of material nonpublic information are currently being conducted?
- How is the CFTC tracking potential market manipulation and fraud activities during times of extreme volatility?
- Has the CFTC identified any trading activity correlated with nonpublic government information releases, and if so, what enforcement actions are under consideration?
