Rep. Torres calls for probe into suspicious futures trades before Iran ceasefire

The New York congressman says the trades may constitute one of the largest insider trading cases in history.

Apr. 8, 2026 at 7:22pm

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A dynamic, abstract painting of overlapping geometric shapes and brushstrokes in shades of blue, green, and orange, conceptually representing the volatility and uncertainty of financial markets reacting to political events.Suspicious futures trading ahead of a major geopolitical announcement raises concerns about insider access to market-moving information.NYC Today

Rep. Ritchie Torres, D-N.Y., has called for a federal investigation into suspicious trading activity in oil and equity futures markets just before President Donald Trump's announcement of a pause in attacks on Iran's energy infrastructure in March. Torres cited reports of irregular and well-timed trades worth over $500 million in the minutes before Trump's announcement, which he says may constitute one of the largest instances of insider trading.

Why it matters

The potential insider trading around Trump administration actions raises concerns about the integrity of U.S. financial markets and the ability of regulators to effectively monitor and enforce against such activities. This is the second time in recent months that Torres has raised the issue of suspicious trading around political events.

The details

In a letter to the SEC and CFTC, Torres cited reports of more than $500 million in crude oil futures trades made in the 15 minutes before Trump announced the halt in strikes against Iran. The New Yorker also reported an abnormal surge in futures trading volume predicting a decline in oil prices and a rebound in equity markets in the immediate lead-up to Trump's announcement. Torres called the occurrence 'one of the largest instances of insider trading in history' and urged the SEC to open a formal investigation.

  • On March 21, 2026, President Trump announced a 5-day pause in attacks on Iran's energy infrastructure.
  • In the 15 minutes before Trump's announcement, over $500 million in crude oil futures trades were made.

The players

Rep. Ritchie Torres

A Democratic congressman from New York who has called for a federal investigation into the suspicious futures trading activity.

Paul Atkins

The Chair of the Securities and Exchange Commission.

Michael Selig

The Chair of the Commodity Futures Trading Commission.

Donald Trump

The former President of the United States who announced a pause in attacks on Iran's energy infrastructure.

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What they’re saying

“What kind of trader would make a massive trade at 6:49 a.m., 15 minutes before a market-moving presidential announcement with billions of dollars at stake and without a hedge? The only plausible answer to that question is an insider trader. Any other alternative is a statistical impossibility.”

— Rep. Ritchie Torres, U.S. Congressman

“I have a lack of confidence in our market regulators. But we have no choice but to agitate for accountability. We cannot allow the SEC and the CFTC to turn a blind eye to what may be the largest case of insider trading in history.”

— Rep. Ritchie Torres, U.S. Congressman

What’s next

The SEC and CFTC have not yet responded to Rep. Torres' calls for a formal investigation into the suspicious futures trading activity. If the regulators open an investigation, they will likely obtain comprehensive trading records to determine if any insider trading occurred.

The takeaway

This case highlights ongoing concerns about the integrity of U.S. financial markets and the ability of regulators to effectively monitor and enforce against potential insider trading, especially when it involves high-stakes political events and decisions made by government officials.