Concern over the possible role of speculators in driving record crude oil prices has prompted the House of Commons’ Treasury select committee to hold its first hearing into regulation of London’s oil markets, John McFall, the committee’s chairman, said on Thursday.

The development is a sign that the intense political pressure to address – or, at least, be seen to address – the causes of high oil prices are emerging in Britain after initially appearing in the US. In recent weeks, Congress has held multiple hearings on the issue.