The US administration has no plans to use the Treasury Department to trade oil futures, despite rising energy prices amid the conflict in Iran, Bloomberg reported, citing its sources.
The White House has discussed the possibility of the Treasury Department's participation in oil futures trading, but has concluded that the department's influence on the market will be limited due to high trading volumes. The administration is also reluctant to use oil from the Strategic Petroleum Reserve, which is currently about 60% full after extensive use under former President Joe Biden.
Oil prices rose sharply this week but fell slightly on Friday after U.S. President Donald Trump announced swift measures to stabilize the market. The U.S. also temporarily allowed Indian refiners to buy oil from Russia until early April.