After surging in response to the conflict in Iran, oil prices closed down yesterday at $93.90/barrel for WTI crude. The previous close had been $97.40/barrel. The internet was filled with rumors that the United States government was intervening in futures markets, but Secretary of the Treasury Scott Bessent quashed those in an interview with CNBC’s Brian Sullivan. Bessent told Sullivan on the network’s Squawk Box show, “That rumor’s in the market. When there’s big dynamic price action, that always happens. We haven’t done that.”
When pressed on whether or not he was considering such a move, Bessent replied that he wasn’t sure what authority would give Treasury the power to do so.
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