UPDATE 1-US weighs oil futures market action to combat rising energy prices – WH official

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. Brent crude has jumped to roughly $85 a ⁠barrel amid fears the conflict could disrupt flows ⁠through ​the Strait of Hormuz, a route that carries about a fifth of global ⁠oil shipments, while U.S. gasoline prices have climbed above $3 ⁠per ⁠gallon. A Treasury spokesperson could not be immediately reached for comment.

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.

Brent crude has jumped to roughly $85 a ⁠barrel amid fears the conflict could disrupt flows ⁠through ​the Strait of Hormuz, a route that carries about a fifth of global ⁠oil shipments, while U.S. gasoline prices have climbed above $3 ⁠per ⁠gallon. A Treasury spokesperson could not be immediately reached for comment. (Reporting By Jarrett ‌Renshaw, ‌Editing by Franklin Paul ​and Cynthia Osterman)

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