Commodity Futures Trading Commission Chairman Michael Selig confirmed Friday that the agency’s enforcement division is scrutinizing the activity. While Selig declined to name specific traders or confirm the discovery of illicit behavior, he emphasized that the commission is treating the surge with high priority to maintain market integrity.

The timing of the sell-off mirrors a pattern of unusual volume spikes observed ahead of several presidential announcements this spring. As oil prices remain hyper-sensitive to geopolitical rhetoric, the CFTC is working to determine if participants gained access to nonpublic information regarding the administration's military posture. Beyond the Iran-related trades, the agency is also monitoring prediction markets for potential manipulation ahead of the upcoming midterm elections.