Formic acid can serve as both an oxidant and a reducing agent.
Recent Literature
A highly efficient one - pot method has been developed for the oxidation of alkynes to α-dicarbonyl derivatives. This process involves a sequence of reactions: first, a Brønsted acid - catalyzed "hydration" step, followed by an oxidation step utilizing DMSO, ultimately yielding the desired products in high quantities. Z. Wan, C. D. Jones, D. Mitchell, J. Y. Pu, T. Y. Zhang, J. Org. Chem., 2006, 71, 826-828. https://doi.org/10.1021/jo051793g
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