CFTC leaders say inquiry into oil trades around Iran announcements remains open

Oil pump jack at sunset; illustrative image, not a site connected with the CFTC inquiry — Nils Huenerfuerst / Unsplash (illustrative)

Summary

David Miller said the oil-trading inquiry remains open.
Michael Selig said enforcement staff have reviewed the trades since March 23.
No suspect or illegal trade has been publicly established.

Regulators describe an active inquiry

The Commodity Futures Trading Commission is still examining unusual oil-futures trading around U.S. announcements concerning the war in Iran, according to two senior officials. Enforcement Director David Miller said the inquiry remained open, Reuters reported, while Chairman Michael Selig told Bloomberg that staff had been reviewing the trading since March 23.^{[1] [2]}

The questions center partly on crude-futures sales shortly before President Donald Trump backed away from threats to strike Iranian power plants March 23. Bloomberg reported that contracts equivalent to at least six million barrels changed hands in two minutes. Unusual timing can warrant scrutiny, but volume alone does not prove advance information or manipulation.^{[2] [5]}

Referral allegation remains separate

Bloomberg separately reported that a political appointee at the CFTC told market-surveillance staff to retract an internal referral flagging the trades for enforcement lawyers. Reuters said Miller was asked about that report and responded that the investigation had been open from the outset. The allegation and the officials’ account of an active inquiry are distinct.^{[1] [2]}

In an Oct. 14 letter to Selig, Public Citizen energy director Tyson Slocum requested a meeting of the CFTC’s Energy and Environmental Advisory Committee and listed the reported retraction among issues for discussion. The letter documents an advocacy request and cites Bloomberg for the allegation; it does not independently prove the instruction occurred.^{[3] [4]}

No finding of misconduct

Reuters reported in April that investigators were examining trades around more than one Iran-policy shift. This week’s comments provide a newer on-the-record account that work continues. They do not establish that privileged information was used, that an official interfered with enforcement or that any trader committed wrongdoing.^{[1] [2] [6]}

The CFTC has not publicly identified a suspect or detailed the evidence under review. Until the agency announces an enforcement action, closes the matter or releases findings, the public record supports describing this as an inquiry rather than a proven trading violation.^{[1] [2] [4]}

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