Former U.S. Representative Marjorie Taylor Greene (R-Ga.) on Wednesday amplified allegations of insider trading tied to escalating tensions in the Middle East, following claims that traders placed nearly $920 million in bearish crude oil bets shortly before reports surfaced of a possible U.S.-Iran agreement.
Greene Raises Questions About Timing And Size Of Bet
In a post on X, Greene wrote, “When is everyone going to start realizing that the manic on again off again war/peace rhetoric is really just insider trading? And sprinkle in some murder.”
She added that only “a select few in the top tax bracket” benefit from the volatility, while most Americans do not.
Oil Market Activity Draws Attention
The argument flared up after market commentator The Kobeissi Letter posted an analysis alleging that nearly 10,000 crude oil futures contracts were sold short roughly 70 minutes before an Axios report suggested the United States and Iran were nearing a “14-point” deal aimed at ending the conflict.
According to the post, the crude oil short positions were opened at approximately 3:40 a.m. ET on Wednesday, pointing to what it characterized as unusually well-timed positioning. And by 7:00 a.m. ET, oil prices dropped more than 12%, potentially generating an estimated $125 million profit for the short position.
The sharp decline in oil prices was short-lived. Minutes later, reports emerged that Iran had launched the “Persian Gulf Strait Authority,” triggering a swift reversal in crude prices.
Oil subsequently rebounded and surged 8%, underscoring the extreme volatility in energy markets as traders reacted to rapidly changing geopolitical developments.
Trump’s Iran Deal Comments Added to Volatility
The market turbulence coincided with fresh comments from President Donald Trump, who expressed optimism, stating that a deal is “very possible.” This fueled optimism around a potential de-escalation in the Middle East conflict.
Trump signaled growing confidence in ongoing negotiations while Tehran is evaluating a U.S. peace proposal that could officially end the war.
West Texas Intermediate is hovering around $96 per barrel while Brent is trading above $102 per barrel.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by a Benzinga editor.
Image via Shutterstock/ Philip Yabut
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