Since the outbreak of hostilities in Iran and the surrounding region on February 28, 2026, the conflict has introduced notable volatility into global energy markets. Crude oil and refined product prices have experienced sharp dislocations, natural gas benchmarks have come under pressure and physical supply chains across the region and beyond have faced material disruption. For energy trading firms and their compliance teams, these conditions demand attention not only with respect to commercial risk, but also regulatory risk. Since the Energy Policy Act of 2005 , energy companies trading crude oil, natural gas and petrochemical products have faced overlapping anti-manipulation enforcement authority from three key federal agencies, each operating under distinct but structurally similar statutory mandates.
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