$1B Bet On Falling Oil Prices Pre-Ceasefire Now Under Investigation

Nearly $1 billion was bet on falling oil prices—just hours before the U.S. announced a ceasefire with Iran. That’s the trade now under scrutiny. U.S. Congressman Ritchie Torres pushed regulators on Tuesday to investigate a burst of oil market activity that hit within a one-minute window ahead of the announcement. The trades were effectively wagers that oil prices would drop. And drop they did. Crude futures fell about 15% after the ceasefire became public. These were paper bets, or contracts tied to the future price of oil. If a trader…