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Exchanges oppose potential US Treasury intervention in oil futures market 
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Exchanges oppose potential US Treasury intervention in oil futures market 
Mar 12, 2026 1:32 PM

BOCA RATON, Florida, March 12 (Reuters) - The heads of a number of top exchanges, including CME Group ( CME ) and Toronto Stock Exchange parent TMX Group ( TMXXF ), oppose any potential intervention from the U.S. government involving the oil futures market, amid rising energy prices in the aftermath of the Iran conflict. 

The latest comments come as reports have emerged that the U.S. Treasury is weighing potential measures involving oil futures to combat rising prices. On Wednesday, the U.S. government announced it would release 172 million barrels of oil from its strategic petroleum reserve to reduce oil prices that have surged due to supply disruptions from the U.S.-Israeli war on Iran. 

"Markets do not like it when governments intervene on oil prices," said Terry Duffy, Chief Executive Officer of CME, during a panel discussion earlier this week. The CME, which is the world's largest derivatives exchange, is among a group of U.S. exchanges that trade energy futures. 

The White House and the U.S. Treasury Department did not immediately respond to requests for comment. 

Another CEO of a leading exchange, who requested anonymity to discuss the matter candidly, echoed similar sentiments, saying that an intervention from the U.S. Treasury risked aggravating the problem, as it could raise the risk of hefty losses for the government if energy prices continue to rise. 

Oil prices jumped nearly 5% on Wednesday as fresh attacks on ships in the Strait of Hormuz further aggravated supply shock fears. Several analysts said the International Energy Agency's proposal for a record release of oil reserves is inadequate to quell those concerns. The IEA recommended the release of 400 million barrels of oil to try to combat a surge in energy prices, which are now up more than 25% since the war broke out.

 "I usually I find those things (potential government intervention in markets) lead to unintended consequences. You create a different problem by trying to solve the first problem. The market will sort this out itself," said John McKenzie, CEO of TMX Group. 

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