March 6 (Reuters) - The Trump administration is ruling out deploying the Treasury Department to trade oil futures for now, Bloomberg News reported on Friday, citing a person familiar with the matter.

President Donald Trump often talks about gasoline prices — but now that they’re increasing, he says he is not concerned.

Jill Schlesinger joins "CBS Saturday Morning" to discuss how the war against Iran is impacting the price of oil and gas. She also breaks down the February jobs report.

Stocks sank on Wall Street Thursday after the price of oil spiked to its highest level since the summer of 2024 because of the war with Iran.

Treasury Secretary Scott Bessent said the US may lift sanctions on further Russian oil supply after giving Indian refiners permission to purchase crude from the nation.

The war in Iran has fuelled a significant bump in demand for Russian oil and gas, the Kremlin said on Friday, boosting exports which have been battered by sanctions linked to Russia's war in Ukraine.

“This deliberately short-term measure will not provide significant financial benefit to the Russian government as it only authorises transactions involving oil already stranded at sea,” he said.