Gordon Brown on Thursday dismissed the notion that speculators were behind record oil prices, even as the Treasury select committee said it would hold the country’s first parliamentary hearing into the issue.

Attending a session of the liaison committee, which is comprised of senior MPs, Mr Brown was asked by John McFall, a Labour MP, what he was “going to do about speculators” in oil markets, citing concerns expressed by both US presidential candidates, John McCain and Barack Obama.