CME Group (CME) Chief Executive Terry Duffy said the Trump administration would risk a "biblical disaster" if it tried to reduce oil prices by intervening in derivatives markets amid the ongoing US-Israel war with Iran, the Financial Times reported Thursday.

"Markets do not like it when governments intervene in pricing," Duffy reportedly said at a conference.

A recent report suggested the US Treasury was contemplating measures to reduce oil prices, including intervention in futures markets, according to the FT.

CME didn't immediately respond to MT Newswires' request for comment.

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