A House committee has begun an investigation into speculation in energy markets, including the role of investment banks, and is planning to hold hearings in May and June, according to a Democratic aide and several people invited as witnesses.

In particular, lawmakers are taking aim at hedge funds and investment banks, blaming them for playing a pivotal role in pushing crude-oil prices to record levels. Crude futures set a new record Friday, closing at a record high of $125.96 a barrel on the New York Mercantile Exchange.

The House Energy and Commerce Subcommittee on Oversight and Investigations has scheduled a hearing for May 21 on gasoline prices, which will touch on the issue of possible market manipulation, according to the aide and witnesses. That would be the day after a planned Senate Energy and Natural Resources Committee hearing examining speculation.

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