Thousands of oil contracts, valued at up to $650 million, traded 15 minutes before US President Donald Trump announced he would halt strikes on Iranian energy infrastructure. This sent prices tumbling. About 15 minutes later, Trump stepped back on his threat, causing crude prices to plunge more than 14%.
S&P 500 futures also showed unusual activity. Senator Chris Murphy called a $1.5 billion purchase of S&P 500 futures just before Trump's post an example of 'mind-blowing corruption.'
Analysts questioned whether some traders acted on prior information. Stephen Innes, an analyst at SPI Asset Management, noted the timing and size of the trades were suspicious, suggesting someone may have acted on intel before the public announcement.