Some trades ahead of Trump policy moves raise questions

Some of U.S. President Donald Trump's major policy decisions have been preceded by well-timed bets, leading some experts to raise questions about whether information ​had somehow leaked ahead of time.

Here is a list.

March ​23, 2026 - IRAN ATTACK PAUSE: An unidentified trader or traders bet $500 million on Brent and WTI crude futures in ​a one-minute period shortly before Trump announced a five-day delay to attacks on Iran's energy infrastructure, after which oil prices crashed 15%, exchange data and Reuters calculations showed.


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LSEG data shows 5,100 lots changed hands between 1049 and 1050 GMT, with selling dominating volume. When Trump's social media post announcing the move hit at 1105 GMT, over 13,000 lots - equivalent to 13 ‌million barrels - traded in ⁠60 seconds, causing ⁠Brent to fall to $99 per barrel from $112 and sending WTI down to $86 per barrel from $99.

February 28, 2026 - IRAN STRIKES THAT KILLED SUPREME LEADER AYATOLLAH ALI KHAMENEI Wagers placed on platforms including Polymarket and ​Kalshi before the killing of Iranian Supreme Leader Ayatollah Ali Khamenei intensified scrutiny of prediction markets, with Democratic lawmakers calling for a ban on bets tied to military actions that ​could reward those with privileged information.

According to a Reuters review of Polymarket's website at the time, about $529 million was wagered on a range of contracts tied to the timing of U.S.-Israeli strikes on Iran, while another $150 million was staked on Khamenei's removal as supreme leader. Prediction markets offer tradable yes-or-no contracts that let ​users wager on a broad array of real-world events.

Analytics firm Bubblemaps identified six accounts that made a ⁠combined $1.2 million ‌profit from Polymarket bets that were funded in the hours immediately before the raids, which took place on February 28. U.S. ​Representative Mike Levin of California ​flagged one specific Polymarket bet placed shortly before the Iran strikes.

Separately, despite hotter-than-expected inflation data that would typically prompt investors ⁠to sell long-dated Treasuries, traders moved in the opposite direction on February 27, pushing yields on ​the benchmark 10-year note below 4%. Analysts said such a pronounced shift into the safe-haven asset would usually be ​driven by a negative macro event - or a strong expectation that one was imminent.

Shares of U.S. airlines also fell that day as oil prices rose, with the Dow Jones U.S. Airlines Index slipping 5.13%.

January 3, 2026 - U.S. CAPTURE OF FORMER VENEZUELAN PRESIDENT NICOLAS MADURO: An unknown trader pocketed a profit of roughly $410,000 after wagering on the ouster of Venezuelan President Nicolas Maduro in January.

The trader's account on Polymarket built up positions in contracts tied to Maduro's removal on terms that implied long odds before the weekend raid of Maduro's compound in Caracas by U.S. special forces. Those wagers, worth about $34,000 prior to his capture, surged in ‌value after news of the U.S. military operation emerged on January 3.

April 9, 2025 - TARIFF PAUSE: Unidentified options traders staked millions of dollars on a U.S. stock market rebound in the minutes before Trump's tariff pause announcement triggered a massive rally in April ​last year, according to trading ​data. Trump's Truth Social post pausing tariffs came ⁠at 1:18 p.m. ET on April 9, setting off a 9.5% jump for the S&P 500. Market data shows certain options contracts logging a spike in trading activity ahead of it. Some 5,105 SPY call options traded at around 1 p.m. ET for an average price of $4.20.

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When stocks rallied, those calls ​soared as high as around $42, turning $2.14 million into about $21.44 million on paper.

Similarly, other SPY calls betting on the ETF rising above $509 traded at around 1:10 p.m. ET; their value jumped to about $10 million by end of day, up from $624,000.

Reuters could not determine whether the calls were all purchased or sold by one trader or several and whether they closed the position for a gain.

White House spokesman Kush Desai said government ethics guidelines bar federal employees from profiting off nonpublic information. "Any implication that Administration officials are engaged in such activity without evidence is baseless and irresponsible," he said in an emailed statement.