US Treasury denies plans to intervene in oil futures market

US Treasury Secretary Scott Bessent

US Treasury Secretary Scott Bessent said on March 17 that the Trump administration does not plan to intervene in financial markets, adding it may not even have the authority to do so.

In an interview with CNBC, Bessent dismissed speculation that the Treasury or other government agencies could step in to curb oil prices.

“That rumor’s in the market. When there’s big dynamic price action, that always happens. We haven’t done that.”

While US presidents have authorized releases from the Strategic Petroleum Reserve during energy crises, direct intervention in oil futures markets or through other mechanisms would be unprecedented.

Recent media reports suggested the Treasury could intervene in oil futures trading to counter rising prices, a controversial move as it targets financial markets rather than physical supply.