Justice Department investigating oil market trading, sources say

Politics Justice Department investigating oil market trading, sources say By Jennifer Jacobs, Jennifer Jacobs Senior White House reporter Jennifer Jacobs is a senior White House reporter at CBS News. Read Full Bio Jennifer Jacobs, Sarah N. Lynch Sarah N. Lynch Senior Justice Department Reporter Sarah N. Lynch is the senior Justice Department reporter for CBS News, based in Washington, D.C. Read Full Bio Sarah N. Lynch May 13, 2026 / 12:11 PM EDT / CBS News Add CBS News on Google Washington — The Department of Justice is investigating suspicious trading timed to swings in the oil market, according to two sources familiar with the investigation. Reuters first reported the trading. The existence of the investigation was first reported by ABC News.The oil market has been volatile amid the war with Iran. Tehran has effectively closed the strategic Strait of Hormuz to Gulf oil and gas exports, sending prices soaring and forcing nations to scramble for alternative supplies.This is a developing story and will be updated.  .component--type-recirculation { .item:nth-child(7), .card-recirc:nth-child(7) { display: none; } } #inline-recirc-item--id-e86e734b-3001-4b43-8565-8d8d44524d12, #right-rail-recirc-item--id-e86e734b-3001-4b43-8565-8d8d44524d12 { display: none; } #inline-recirc-item--id-e86e734b-3001-4b43-8565-8d8d44524d12 ~ .item:nth-child(7) { display: block; } © 2026 CBS Interactive Inc. All Rights Reserved.