The U.S. Justice Department is investigating a series of oil market trades that appear to have been placed just before major price moves tied to the conflict with Iran, according to NBC News. At least four trades, collectively worth $2.6 billion, are under scrutiny.

What the Investigation Covers

The core concern is timing. Investigators are looking at whether traders had advance knowledge of Iran-related developments and positioned themselves in oil markets to profit before those events became public. In commodity markets, that kind of well-timed bet can be a signal of insider information or coordinated front-running, trading ahead of news you know is coming.

Oil prices are acutely sensitive to Middle East conflict. Any credible threat to Iranian supply, shipping routes through the Strait of Hormuz, or broader regional stability can move crude prices sharply within hours. A trader who knew a significant escalation was coming could place large positions and profit quickly when prices moved on the public news.

Why $2.6 Billion Matters

Four trades totaling $2.6 billion is not routine market activity. The scale suggests institutional-level capital, hedge funds, trading desks, or well-resourced individuals, rather than retail speculation. DOJ involvement, as opposed to the Commodity Futures Trading Commission or SEC alone, signals that criminal intent may be part of what investigators are probing, not just civil market violations.

The investigation is at an early stage based on what has been reported, and no charges or named suspects have been made public. The facts in the public record remain limited: the dollar figure, the number of trades, and the DOJ's involvement.

For energy markets, the investigation is a reminder that geopolitical events create both genuine price discovery and potential for abuse. Regulators watch for unusual volume spikes and options activity ahead of known risk events. Whether this case results in charges will depend on whether investigators can link the trade timing to non-public information, a high legal bar in commodity markets.

Watch for any named targets, CFTC coordination disclosures, or court filings, which would clarify the scope and seriousness of the probe.