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<p>Treasury Secretary Scott Bessent said Monday that the administration has no plans to intervene in financial markets and may not have the authority to do so even if it wanted.</p>
<p>In a CNBC interview, Bessent addressed rumors that the Treasury Department or some other arm of government might step in to try to lower oil prices.</p>
<p>While presidents, including President <a href="https://www.cnbc.com/donald-trump/">Donald Trump</a>, have authorized releases or exchange loans from the Strategic Petroleum Reserve at times of stress in the energy sector, stepping into futures markets or using other mechanisms would be unprecedented.</p>
<p>The idea would be for the Treasury to intervene in oil futures markets — essentially trading against rising prices. Such a move would likely be controversial because it would involve targeting financial markets rather than the physical supply of oil.</p>
<p>"That rumor's in the market," Bessent told CNBC's Brian Sullivan during a "<a href="https://www.cnbc.com/squawk-box-us/">Squawk Box</a>" interview. "When there's big dynamic price action, that always happens. We haven't done that."</p>
<p>Asked if it's something under consideration, Bessent replied, "I'm not sure under what authority or what auspices."</p>
<p><a href="https://www.cnbc.com/2026/03/15/oil-prices-today-iran-war.html">Oil prices calmed Monday</a>, with U.S. crude trading 1.9% lower at $96.86 a barrel and international benchmark Brent crude nudging higher at $103.15.</p>
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