Public Trust Tracker

INV-047 · Money & ethics · Insider trading

CFTC referral on oil trades before Trump's Iran post

Stage 2 of 5: Inquiry · Letters and records requests · Last development 14 Oct 2026

Futures trades were placed about 15 minutes before Trump's 23 Mar 2026 post postponing strikes on Iranian power plants. Bloomberg reports that Mel Gunewardena, an adviser to CFTC Chairman Michael Selig, told a market oversight supervisor to retract a referral of those trades to the enforcement division. An unnamed CFTC official told Bloomberg that enforcement is still examining the trading.

The retraction is reported by Bloomberg from unnamed sources; the CFTC does not confirm or deny investigations. No finding of insider trading has been made.

People
Michael Selig, Mel Gunewardena, CFTC
Agencies
CFTC
Reviewed by
Sens. Warren & Whitehouse, Public Citizen (request)

Timeline

  1. Public Citizen asks Selig to convene the CFTC's Energy and Environmental Markets Advisory Committee on the matter. [3]

  2. Bloomberg reports that Gunewardena told a supervisor on the market oversight team to retract the enforcement referral. [1]

  3. Sen. Warren asks CFTC Chair Selig and enforcement chief Gunewardena to tell Congress the status of the investigations into the oil trades. [4]

  4. Sens. Warren and Whitehouse ask the CFTC to examine the trades. [1]

Responses

  • CFTC: Spokesperson: the CFTC "does not confirm or deny any investigation." Gunewardena did not respond to Bloomberg. [2]
  • White House: Spokesman Kush Desai earlier called insider-profiteering claims "baseless and irresponsible." [2]

Who is acting on it

  • Asked for an investigation Sen. Elizabeth Warren (D-MA), Sen. Sheldon Whitehouse (D-RI): Asked the CFTC to examine the trades (9 Apr 2026, Under way)
  • Letter Sen. Elizabeth Warren (D-MA): Asked Selig and enforcement chief Gunewardena to tell Congress the status of the oil-trade investigations (13 Oct 2026, No reply or result recorded yet)
  • Letter Public Citizen: Asked Selig to convene the CFTC's energy markets advisory committee on the trades (14 Oct 2026, No reply or result recorded yet)

Sources

  1. The New Republic, 13 Oct 2026 (citing Bloomberg)
  2. Daily Caller, 13 Oct 2026
  3. Public Citizen, 14 Oct 2026
  4. Senate Banking Committee minority, 13 Oct 2026

Cite this case

Public Trust Tracker. "CFTC referral on oil trades before Trump's Iran post" (INV-047). Last updated 14 Oct 2026. https://publictrusttracker.org/case/inv-047-cftc-referral-on-oil-trades-before-trumps-iran-post/

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