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If you’ve watched oil prices race higher while filling up your car, you might have quietly hoped there was some grown‑up in Washington ready to lean against the chaos for you.Instead, you woke up to the opposite message. Bessent used a CNBC appearance to shoot down a growing rumor that the Treasury Department was quietly preparing to wade into oil futures, making it clear that no such intervention is happening and that he isn’t even sure the department has legal authority for it.That may sound like Beltway theater, but it lands directly in your budget and your portfolio. If Treasury is staying on the sidelines in the futures market, then the next leg for oil comes down to war, ships, and supply, not a hidden hand in financial markets.What Bessent actually said about oil and price controlBessent told CNBC that Treasury is not intervening in oil markets, despite speculation that the government might step in to cool prices by trading futures.He said he had heard the rumor circulating but that Treasury had “not done that,” adding that the idea seems to pop up whenever prices move sharply. CNBC reported that some in the market had floated a plan for Treasury to take positions in oil futures as a way to counter rising prices, effectively treating crude the way many investors imagine central banks treat stock indexes.Related: Venezuela is back in the oil game at a critical momentWhen CNBC pressed him on whether the department could intervene that way, Bessent said he was “unsure under what authority” Treasury would do so, signaling that even if officials wanted to, the legal footing is murky.Oil prices reflected that clarity. U.S. crude slipped nearly 2% to just under 97 dollars a barrel after his comments, while Brent crude hovered a bit above 103 dollars, a move Intellectia.ai said showed a market stepping back from the idea of aggressive U.S. intervention.Behind the scenes, exchanges and market operators have also raised red flags about using oil futures as a policy tool. CME Group and Intercontinental Exchange opposed potential Treasury intervention, warning it could distort pricing and undermine confidence in futures markets, according to Reuters.

Treasury confirmed it is not intervening in oil commodities.Shutterstock

Washington’s oil playbook is physical, not financialThe message from Bessent is not that Washington is powerless. It is that the tools being used on your behalf live in the real oil world of ships, sanctions, and stockpiles, not in the trading pits.Bessent said the U.S. government is prepared to keep tankers moving through the Persian Gulf and the Strait of Hormuz, with the U.S. Navy ready to ensure secure passage if needed. He explained that the U.S. Development Finance Corporation will offer political risk insurance and guarantees to protect oil and cargo shipments in the region, so owners are willing to keep sailing even as Iran‑related attacks raise the danger.More Oil and Gas:Energy giant sends blunt $20 billion message on dividend growth147-year-old oil giant just raised dividend 4% in 2026Top energy stocks to buy amid Venezuela chaosPresident Donald Trump pledged to extend protection to tankers operating in the Gulf to help keep flows moving and calm financial markets, according to CNBC’s coverage of Bessent’s early‑March interview. That approach is meant to tackle the bottleneck directly: keep roughly 20% of the world’s oil that normally transits Hormuz from getting stuck behind a curtain of fear.At the same time, the administration has reached for the Strategic Petroleum Reserve. President Trump signaled a willingness to tap the SPR as the Iran war and Hormuz disruptions pushed oil above $100 a barrel and gasoline prices higher, promising to later refill the stockpile, according to Axios. The U.S. agreed to release about 172 million barrels as part of a historic 400‑million‑barrel coordinated release with other IEA members, the largest in the organization’s history, according to Politico.Bessent has also used sanctions as a pressure valve. CNBC reported that Treasury temporarily allowed purchases of Russian oil already stranded at sea to stabilize energy markets, while stressing that most of Moscow’s revenue comes from taxes at the point of extraction rather than the sale of these specific barrels. Yahoo Finance, citing Bloomberg, noted that the U.S. granted a second authorization allowing more stranded Russian crude to move, signaling a willingness to tweak sanctions when prices get too hot.For you, the pattern is straightforward: The government is willing to move real barrels and protect real ships, but not to become just another whale in the futures market.An oil market on edge, but not out of controlEven with those steps, global oil feels like it is trading on nerves as much as numbers.The Strait of Hormuz remains a central risk. The Iran war and related tensions have rattled shipping and prompted Trump to pressure NATO members and China to help ensure safe passage, underscoring how vital the corridor is for global energy flows, according to The New York Times. Tanker movements have slowed or halted at times, as owners weigh the risk of Iranian retaliation, feeding fears of longer‑lasting supply disruptions, according to CNBC.In that environment, even a hint of new intervention gets amplified. CNBC reported on March 6 that oil fell after word spread that the U.S. might consider futures‑market moves and had issued a waiver allowing Indian refiners to buy a batch of sanctioned Russian oil. When Bessent later clarified that Treasury is not intervening and may lack authority, Intellectia.ai said the pullback in crude reflected fading expectations for a government‑driven price cap.Big banks are seeing a split personality in the market. J.P. Morgan’s global commodities team said in a March 2 outlook that it expects Brent crude to average in the high 50s to around $60 per barrel in 2026, arguing that global supply is likely to exceed demand and create a surplus, even after the latest price run‑up. The bank warned that without aggressive output cuts from OPEC+ and others, Brent could spend stretches below $60 through 2026-27 as inventories build.At the same time, J.P. Morgan’s Natasha Kaneva wrote that past regime changes in key producers have triggered average crude spikes of about 76% from the start of disruption to the price peak, a reminder that war‑driven surges can overshoot fundamentals before fading. For you, that means a market that wants to settle into “lower for longer, but jumpier,” as TheStreet summarized in its coverage of J.P. Morgan’s call, not a market that stays permanently at the edge of crisis.What I take from Bessent’s oil warning for your moneyWhen I hear Bessent say Treasury is not intervening in oil futures and might not even have the mandate to try, I don’t just hear a technicality, I hear a reminder. You and I live with an energy market that can spike hard on bad news, and there is no new all‑purpose referee stepping in every time the price board gets ugly.If I look at this as an investor, I see a couple of practical lessons. Energy will still be a source of volatility in your portfolio, but the medium‑term call from J.P. Morgan and others is not for runaway prices. The bank expects a well‑supplied market with Brent around $60 if producers don’t slam on the brakes, which means high‑cost producers and over‑leveraged shale names could be exposed when the panic moves fade.If I think about this as a consumer, I want to use the quieter moments, when oil drifts lower and gas prices ease, to buy myself breathing room. Washington is not promising to cap your fuel bill. The best you can do is build an emergency fund, chip away at variable‑rate debt, and make gradual efficiency upgrades so the next spike hits a smaller share of your budget.Bessent’s message is that the fight over oil is going to play out at sea, in OPEC meetings, and inside sanction waivers, not in a secret government trading account. For you, that’s both unsettling and clarifying. No one is quietly smoothing every bump for you, but now you know the rules of the game, and you can plan your money around the world as it is, not the one you wish existed.Related: Iran’s shocking threat to boost oil to $200

TheStreet aims to feature only the best products and services. If you buy something via one of our links, we may earn a commission.Why we love this dealThe return of spring is mere days away, and it’s truly exciting to think about spending more time outdoors after a long, cold winter. If you’re excited as we are about the changing of the seasons, you may be thinking about how to best furnish your outdoor space so you can get the most out of it. Macy’s has an astounding deal on the Gaomon Three-Seat Porch Swing With Sunshade that just might help, and you’ll save $1,174, too.This roomy swing seats three people and has an adjustable sunshade, so you can keep the sun’s glare out of your eyes even when it’s setting. It’s perfect for a front or a back porch, a deck, or even a sunroom. At 79% off, it’s one of the best outdoor furniture deals we’ve seen so far this season. Gaomon Three-Seat Porch Swing With Sunshade, $312 (was $1,486) at Macy’s

Courtesy of Macy’s

Why is it worth buying?While patio sets are often the choice pick when it comes to furnishing a patio, don’t sleep on the classic patio swing (until you get it, that is, and then take all the naps on it you like). This swing has a thick triangular frame made of steel that’s fitted with spring hooks, so you can count on it to keep going strong through many backyard barbecues and pool parties. Measuring 74.8 inches long, 45.7 inches deep, and 64.6 inches high and capable of holding up to 772 pounds, it’s also roomy, so you can accommodate several guests with ease. And its non-slip foot pads ensure that the swing stays in place while you rock back and forth.This swing comes with a set of waterproof back and seat cushions that are 3.7 inches thick. These can be removed if you prefer. One perk of this swing is that it comes with folding trays attached to each side. When folded up, you’ll have two cupholders at your disposal, as well as a rectangular recessed tray that would be perfect for your phone. With your drink of choice and your phone at arm’s length, you can comfortably swing the afternoon away in the sunshine.Another cool feature this swing offers is the adjustable canopy. With the twist of a knob, you can adjust it up to 60 degrees. And since it’s UV-resistant, waterproof, and fade-proof, you won’t have to be concerned with getting wet while you’re sitting on the swing. It’ll also retain its color year after year.Pros and cons of a $312 porch swingPros:An unbeatable price point: A 79% discount on a swing of this quality is unusual to find.Adjustable sunshade: This feature allows buyers to keep the glare out of their faces while they enjoy the swing.Folding trays with cupholders: There’s no need for a coffee table with this setup, thanks to the trays with cupholders.Cons:Assembly required: You will need to put this swing together yourself.The frame is not waterproof: The steel may show rust over time.Related: Walmart’s bestselling $500 Adirondack patio set is on sale for $220Shop more deals Gaomon 3-Person Swing Chair With Canopy, $179 (was $852) at Macy’sBest Choice 3-Seat Swing Glider With Removable Cushions, $230 at Macy’sAoodor Porch Swing With Canopy, $400 at Macy’sAt just $312, the Gaomon Three-Seat Porch Swing With Sunshade is a stellar deal. Now, you can laze the day away on your porch, deck, or in your sunroom while you enjoy the beauty of spring.

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