The Trump administration has ruled out using the Treasury Department to trade oil futures to curb rising energy prices, Bloomberg reported. Officials believe Treasury's market influence would be limited given the expanded trading volumes during the escalating Middle East conflict. Oil futures trading volumes have surged, reducing the impact of any single participant. The administration is also reluctant to immediately tap the Strategic Petroleum Reserve (SPR), currently only about 60% full after heavy Biden-era withdrawals. Frequent withdrawals have created operational challenges at storage facilities.

While a near-term release remains possible, it's seen as less straightforward. A modest SPR release could signal market easing, though prices edged lower Friday after Trump mentioned imminent action. The waiver for Indian refiners to buy Russian oil until April aims to maintain global supply.

Rising prices pose both geopolitical and political risks for Trump ahead of midterm elections. Officials are reviewing responses to the price spike, including potential naval escorts in the Strait of Hormuz.