6 million barrels in two minutes draws CFTC scrutiny Oil traders sold futures contracts worth at least 6 million barrels of oil in just two minutes on March 23, shortly before President Donald Trump backed off threats to hit Iranian power plants. Now, the federal regulator that oversees those deals says it's looking into the activity. Commodity Futures Trading Commission Chairman Michael Selig said Friday that the agencies' enforcement division was looking into oil trading during the Iran war, including the unusual spike that preceded Trump's announcement. "Our enforcement division looked into all of these transactions," Selig told Bloomberg Television. "We take these things very seriously. The March 23 sale included Brent and West Texas Futures. Trading volume during the two-minute window was more than 8.5 times the volume recorded during the same period during the previous week, according to Bloomberg. The timing raised questions about whether some traders had prior knowledge of Trump's plans.

6 million barrels in two minutes draws CFTC scrutiny Oil traders sold futures contracts worth at least 6 million barrels of oil in just two minutes on March 23, shortly before President Donald Trump backed off threats to hit Iranian power plants. Now, the federal regulator that oversees those deals says it's looking into the activity. Commodity Futures Trading Commission Chairman Michael Selig said Friday that the agencies' enforcement division was looking into oil trading during the Iran war, including the unusual spike that preceded Trump's announcement. "Our enforcement division looked into all of these transactions," Selig told Bloomberg Television. "We take these things very seriously. The March 23 sale included Brent and West Texas Futures. Trading volume during the two-minute window was more than 8.5 times the volume recorded during the same period during the previous week, according to Bloomberg. The timing raised questions about whether some traders had prior knowledge of Trump's plans.