Bessent Says Treasury Is Not Intervening in Oil Commodities Markets and Has No Authority to Do So

Why It Matters

The clarification signals that oil price volatility will be driven by market forces rather than policy intervention, affecting traders, investors, and energy companies that had been anticipating potential government action.

Summary

U.S. Treasury Secretary Scott Bessent told CNBC that the administration has no plans and likely lacks the authority to intervene in oil futures markets, dispelling rumors of government action to curb rising prices. He emphasized that while past presidents have used the Strategic Petroleum Reserve, direct trading in commodity markets would be unprecedented and controversial. At the time of his comments, U.S. crude fell 1.9% to $96.86 a barrel, while Brent edged higher to $103.15.