U.S. Sen. Raphael Warnock speaks at a press conference in July about the John R. Lewis Voting Rights Advancement Act. Credit: Warnock's Instagram Page @senatorwarnock.

Warnock questions suspicious oil trades tied to Iran conflict developments

U.S. Sen. Raphael Warnock is questioning suspiciously timed oil trades linked to the ongoing conflict in Iran.

Warnock asked the Commodity Futures Trading Commission, or CFTC, for updates on an investigation into trading activity which happened before major announcements in the conflict.

Federal investigators are examining whether traders may have benefited from having access to government information that was not available to the public. One of the trades reportedly involved a $950 million bet that oil prices would fall shortly before an announcement about the ceasefire was made.

The push from Warnock comes while many Georgians are facing higher gas prices, utility costs and overall concerns with inflation.

No allegations of wrongdoing have been formally filed, and no person or company has been identified by investigators as to who is being investigated.