Central banks have intensified discussions with energy trading firms calling for help to ease market strains sparked by the war in Ukraine, but are unlikely to unlock immediate extra support, according to people with knowledge of their talks.

Top energy market executives spoke to the Bank of England and European Central Bank this week to express alarm at large spikes in commodity futures prices, which are hampering risk management and threatening the smooth flow of physical assets around the world.

Senior BoE officials are keen to understand how to ease strains in futures markets, and are aware of the potential risks to global trade, people familiar with the matter say. But the central bank thinks that existing facilities already offer a cushion against a potential worsening in market conditions.