The head of CME Group has warned the Trump administration it risks a “biblical disaster” if it attempts to lower oil prices by intervening in derivatives markets during the war with Iran.

Terry Duffy, the CEO of CME Group, which runs the exchange where US oil futures trade, told a conference this week that it would erode market confidence if the US government stepped into the futures market in a bid to curb the rise in crude.

“Markets do not like it when governments intervene in pricing,” Duffy told the conference. Such a move would risk a “biblical disaster” if investors lost confidence in markets to set the price of critical commodities

Duffy’s comments followed a report by Reuters that suggested the US Treasury was considering measures to lower oil prices, including intervention in futures markets.

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