Hegseth fires back at Warren’s insider trading comments tied to Iran war: ‘No one owns me’

War Secretary Pete Hegseth denies insider trading allegations during a heated Senate exchange with Sen. Elizabeth Warren over Iran war oil trades.

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War Secretary Pete Hegseth forcefully denied allegations that he or others may have profited from the war with Iran during a heated Senate exchange Thursday, telling Sen. Elizabeth Warren, D-Mass., that "no one owns me" as she pressed him on what she said was suspicious trading activity tied to the conflict.
Warren pointed to what she described as a pattern of large, well-timed oil trades occurring minutes before public announcements by President Donald Trump related to the war, suggesting the possibility that insiders were using nonpublic information to profit.
Hegseth rejected the premise of the claims, insisting the department operated "completely above board. What happens in markets is not, in betting markets, is not something we're involved in," he said.
The exchange reflects growing scrutiny in Washington over whether sensitive information tied to the Iran conflict could be used for financial gain and broader concerns about ethics rules governing senior officials and lawmakers.
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"In just the space of minutes, it looks like insiders have been making out like bandits, using secret information about the war," Warren said.
She pressed Hegseth repeatedly on whether he had any explanation for the activity "other than insider trading."
Hegseth declined to engage directly with the premise, saying the department had operated "completely above board" and emphasizing that his focus remained on military operations rather than financial markets. He added that safeguarding sensitive information is taken "very seriously."
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"What happens in markets … is not something we're involved in," Hegseth said.
The exchange escalated when Warren referenced reporting about Hegseth’s own financial dealings, including a claim that a broker attempted to invest in a defense-related fund ahead of the conflict.
"That entire story is false," Hegseth responded. "Any insinuation that I have ever profited … I don't do it for money. I don't do it for profit. I don't do it for stocks.
"No one owns me. No one owns this department. No one owns this president."
Warren’s line of questioning follows recent reporting that raised questions about Hegseth’s financial dealings ahead of the Iran conflict.
The Financial Times reported that a broker working on Hegseth’s behalf contacted BlackRock in February about making a multimillion-dollar investment in a fund tied to major defense contractors, including Lockheed Martin and Northrop Grumman, in the weeks before military action began.
According to the report, the investment ultimately did not take place because the fund was not available to the broker at the time.
The Pentagon has strongly denied the reporting, calling it "entirely false and fabricated," and Hegseth reiterated that denial during Thursday’s hearing.
Federal law places strict limits on defense officials’ investments to prevent conflicts of interest. Presidential appointees at the Pentagon generally are barred from owning or buying stock in top defense contractors that receive the largest government contracts, with narrow exceptions such as diversified funds. Ethics rules also require senior officials to avoid even the appearance of self-dealing and to disclose or seek approval for certain financial activity.
Warren’s comments come amid a recent high-profile case involving a U.S. service member accused of profiting from nonpublic military information.
Federal prosecutors charged Army Special Forces Master Sgt. Gannon Ken Van Dyke with using classified intelligence about a covert operation to capture Venezuelan leader Nicolás Maduro to place bets on a prediction market, allegedly earning more than $400,000.
Authorities allege Van Dyke was involved in planning the operation and used that knowledge to wager on its outcome before it became public, prompting charges including wire fraud and unlawful use of government information.
Critics have pointed to a perceived double standard, noting that while a U.S. service member faces potential prison time for insider trading, enforcement of similar rules governing members of Congress historically has been less aggressive.
"This man is facing decades in prison," Rep. Anna Paulina Luna, R-Fla., told Fox News' "Ingraham Angle" Saturday. "Meanwhile, every single day on Capitol Hill, there are many members of Congress on both sides that are currently engaging in insider trading."
Trump weighed in Saturday, comparing the case to baseball legend Pete Rose.
"That's a little like Pete Rose," Trump said when asked about the case. "Pete Rose, they kept him out of the Hall of Fame for betting on his own team. Now, if he bet against his team, that would be no good, but he bet on his own team. I'll look into it."
Fox News Digital reached out to Warren and Hegseth for comment.