Rep. Sam Liccardo Probes Suspicious Oil, S&P Futures Trades Ahead Of Trump’s Iran War Update: ‘Timing Ind

Rep. Sam Liccardo (D-Calif.) has raised concerns over a series of large trades in crude oil and S&P 500 E-mini futures placed shortly before President Donald Trump disclosed developments related to U.S. actions involving Iran.

Lawmaker Flags Highly Suspicious Trading Activity

In a letter sent Friday to Securities and Exchange Commission Chair Paul Atkins and Commodity Futures Trading Commission Chair Michael Selig, Liccardo raised concerns, CNBC reported.

“The timing indicates bets were placed by those with advance knowledge of the President’s action, strongly suggesting illicit trading on insider information,” he wrote.

Trades Preceded Market-Moving Iran Announcement

The scrutiny follows reports that significant positions in oil markets were taken just hours before a U.S.-Iran ceasefire, generating substantial profits.

Separately, a surge in S&P 500 E-mini futures trading occurred roughly 15 minutes before Trump announced that military action would be delayed.

Following that announcement, equities rallied while oil prices declined—moves that would have benefited traders positioned ahead of the news.

Liccardo described the pattern as part of a broader trend of “well-timed, large-volume trades” occurring just before major geopolitical updates.

SEC, CFTC Urged To Expand Investigation

The lawmaker called on the SEC and the CFTC to determine whether any individuals used nonpublic government information for financial gain.

He also questioned whether regulators have sufficient tools to track such activity and prevent misuse of sensitive information.

Prediction Markets Also Under Scrutiny

Liccardo extended his concerns to prediction markets, arguing that similarly timed wagers tied to geopolitical and policy developments could signal “a pattern of insider corruption.”

Previously, Sen. Elizabeth Warren (D-Mass.) urged authorities to probe potential insider trading on prediction markets, pointing to suspiciously well-timed bets placed ahead of U.S. strikes on Iran.