Public markets are “fake,” some elites are getting rich off the Iran war, and markets are behaving irrationally, according to conservative political commentator Tucker Carlson, who launched a blistering attack on financial markets and political elites in a lengthy podcast monologue on Thursday.

“Markets are doing things you would not expect markets to do if they were behaving rationally in a free way,” Carlson said.

“It's become too obvious to deny over the past couple of months that public markets are not what they told us they were, which is to say open and free and equal for everyone to participate in.”

Carlson’s comments come as markets continue to swing sharply with each development in the Iran war, which began on Feb. 28 after joint U.S.-Israeli strikes on the Islamic Republic and led to severe disruption in shipping through the Strait of Hormuz — a key route for roughly a fifth of global oil flows. While Washington and Tehran are now exploring a ceasefire deal, both sides have continued to accuse each other of fresh attacks, keeping investors on edge.

‘Massive Bets’ Were Made In Oil Futures

Carlson argued that repeated headlines around potential peace negotiations between Iran and the U.S. triggered sharp swings in oil and equity markets.

“Every single time you have seen massive bets made on oil futures,” Carlson said, adding that “billions of dollars change hands.”

He did not provide evidence for the allegations but repeatedly suggested insiders were profiting from geopolitical turmoil tied to the conflict.

However, his comments come amid growing scrutiny over suspiciously timed trades linked to developments in the Iran war. Sen. Elizabeth Warren (D-Mass.) said traders placed “perfectly-timed bets” ahead of U.S. strikes on Iran that generated millions in profits, adding: “Looks like insider trading to me.”

Meanwhile, former Rep. Marjorie Taylor Greene alleged the “on again off again war/peace rhetoric is really just insider trading.” Rep. Sam Liccardo (D-Calif.) and Sens. Mark Warner (D-Va.) and Adam Schiff (D-Calif.) have also called for investigations into potential insider trading tied to war-related announcements and market-moving headlines.

Why Has Oil Stayed Below $100?

Carlson also questioned why oil prices had not surged further despite prolonged tensions in the Middle East.

“Gold and oil and other commodities have stayed far lower than you would rationally expect them to stay after 60 days of terrible news out of the world's center of global energy production,” he said.

Earlier this week, Trump said he expected the Iran war to push oil prices as high as $200–$250 a barrel, but argued the conflict would still be “worth it” even at those levels. Instead, Brent crude has risen from about $75 to just over $100 a barrel, trading near $101 on Friday.

“That is bizarre. But it's more than bizarre. It's fake,” Carlson said of oil remaining below $100 a barrel.

‘Some People Are Getting Rich From This’

Carlson also tied the conflict to broader economic stress in the United States, citing rising consumer debt and elevated borrowing costs.

“Some people are getting rich from this and most people aren't,” he said.

“One of the reasons we keep having wars is because they are enormously profitable.”