CME Group CEO Terry Duffy has issued a stark warning to the Trump administration, cautioning that government intervention in oil futures markets would trigger a 'biblical disaster' and destroy market confidence. Speaking at a Florida conference, Duffy emphasized that markets despise government price manipulation, particularly in critical commodities like crude oil.

Duffy's comments follow reports that the US Treasury was considering measures to curb oil prices, including direct intervention in futures trading. The administration has already released millions of barrels from the strategic reserve and explored options like suspending federal gas taxes and relaxing environmental rules. However, recent wild price swings have fueled speculation that Treasury officials may have already entered the market.

Energy traders reported unexplained large trades last week, with some suspecting government involvement. While Treasury Secretary Scott Bessent's office denies any intervention, analysts note the administration has previously manipulated currency markets. The debate highlights growing tensions between government price controls and free-market principles as oil prices surged to nearly $120 per barrel before reversing sharply.