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

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)