US weighs oil futures market action to combat rising energy prices, WH official says

By Jarrett Renshaw

March 5 (Reuters) - The U.S. Treasury Department is expected to announce measures as soon as Thursday aimed at combating rising energy prices, including potential action involving the oil futures market, a senior White House official said.

The potential move would mark an unusual attempt by Washington to influence energy prices through financial markets rather than physical oil supplies, as officials race to blunt the political and economic impact of rising fuel costs.

Global oil prices have jumped 16% since the war with Iran started on Saturday, as the spreading conflict disrupted Middle East supplies. The national average cost of gas has risen 27 cents since last week to $3.25 per gallon, according to AAA, a U.S. travel organization that tracks fuel prices.

The approach also reflects the background of Treasury Secretary Scott Bessent, a former hedge fund manager and global macro investor who spent decades trading currencies, bonds and commodities before joining the administration. Bessent previously served as chief investment officer at Soros Fund Management and later founded the macro hedge fund Key Square Group.

A Treasury spokesperson could not be immediately reached for comment.

President Donald Trump said on Thursday that he was not concerned about rising U.S. gas prices driven by the widening Iran conflict , telling Reuters in an exclusive interview that the U.S. military operation was his priority.

"I don't have any concern about it," he said when asked about the higher prices at the pump. "They'll drop very rapidly when this is over, and if they rise, they rise, but this is far more important than having gasoline prices go up a little bit."