Sen. Elizabeth Warren (D-Mass.) reignited allegations of insider trading against President Donald Trump and the White House on Wednesday amid escalating tensions in the Middle East, which have sent oil prices surging.
Americans Deserve Answers
In a post on X, Warren criticized Trump, saying that “Millions in oil futures” were traded just before the Iran ceasefire. “The White House had to remind staff not to trade on insider info,” Warren said, demanding a “full investigation” into the insider trading angle. “The American people deserve answers,” she said.
Insider Trading Allegations
The comments come as Rep. Sam Liccardo (D-Calif.) earlier wrote to the Securities and Exchange Commission Chair Paul Atkins, alleging traders had advanced knowledge of policy decisions, raising questions about insider trading within the Trump camp.
Meanwhile, investor Peter Schiff also accused the Trump administration of insider trading and market manipulation following a bet of $760 million against oil that surfaced minutes before Iran announced that it was reopening the Strait of Hormuz.
Oil Prices Surge, UAE Leaves OPEC
Trump doubled down on the U.S.-led blockade of the Strait of Hormuz, saying that it would remain in place until Iran agreed to the nuclear deal. “They are choking like a stuffed pig,” Trump said, sharing that the blockade strategy was more effective than bombs.
At the time of writing this article, the West Texas Intermediate (WTI) crude oil recorded a 2.29% to $109.3/barrel, while the Brent crude climbed 3.89% to $122.6/barrel. The UAE also announced its departure from the Organization of the Petroleum Exporting Countries (OPEC) and OPEC+, citing a shift in prioritizing production and exports.
Following the UAE’s exit, Russian officials shared that the move could potentially lead to a decrease in oil prices around the globe and lead to oversupply, but it was contingent on the reopening of the Strait of Hormuz.
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