As tensions surrounding Iran and global oil supplies intensify, a leading figure in international finance is warning the U.S. government against actions that could destabilize the energy markets and deepen economic uncertainty.
Terry Duffy, the chief executive of CME Group, the company that operates the exchange where U.S. oil futures are traded, cautioned that government interference in market pricing could lead to severe consequences for the global financial system. Speaking at a conference in Boca Raton, Florida, he warned that efforts to artificially push down oil prices could backfire.
“Markets do not like it when governments intervene in pricing,” Duffy said during the event, according to the Financial Times.
His remarks came as officials within the Trump administration reportedly consider ways to shield Americans from rising fuel costs amid disruptions to global oil supplies linked to Iran. According to the Financial Times, discussions within the U.S. Treasury Department have included the possibility of intervening in oil futures markets, a move that could directly influence prices.
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Duffy warned such a step could erode investor confidence in the mechanisms that determine prices for essential commodities.
According to the Financial Times, he cautioned that such interference would risk a “biblical disaster” if investors began to doubt whether markets could reliably determine the price of vital resources like oil.
The administration has already taken some steps aimed at easing pressure on fuel costs. Officials announced plans to release millions of barrels of oil from the U.S. Strategic Petroleum Reserve in an effort to offset potential shortages and stabilize prices.
Other options reportedly being considered include temporarily suspending federal gasoline taxes, relaxing environmental fuel regulations, or placing temporary restrictions on U.S. oil exports, according to the Financial Times.
Meanwhile, unusual activity in the oil markets has fueled speculation among traders that the U.S. Treasury may already be attempting to influence prices. Several large trades in crude futures in recent days prompted questions from investors about whether government intervention had begun.
Analysts at Rapidan Energy Group noted that the possibility of Treasury involvement in oil futures trading was receiving unusual attention. “The idea of the U.S. Treasury selling front-month crude futures” was getting “more attention than usual,” the analysts wrote, adding that “given the current panic situation we cannot completely rule it out,” according to reporting cited by Raw Story.
However, officials have denied direct involvement. A person familiar with Treasury Secretary Scott Bessent told the Financial Times that the Treasury had not intervened in oil markets.
A spokesman for the Department of Energy also stated that the agency had not been involved in oil derivatives trading or advising other government agencies to pursue that strategy.
The debate highlights growing anxiety over how geopolitical conflict and economic policy intersect in times of crisis. While leaders seek ways to protect consumers from rising costs, financial experts warn that interfering with market systems could create consequences far beyond the price at the pump.
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