With fears growing over the economic impact of rising oil costs, US Treasury Secretary Scott Bessent said Thursday evening that the Trump administration is taking steps to promote stability and lower energy prices.
“To increase the global reach of existing supplies, the US Treasury Department is granting a temporary authorization to allow countries to purchase Russian oil currently stranded at sea,” Bessent said in an X post.
“The temporary increase in oil prices is a short-term and temporary disruption that will result in a massive benefit to our nation and economy in the long term,” Bessent added, suggesting that market fears about the increase in oil prices were overblown.
In fact, oil rose nearly 10% to nearly $100 a barrel on Thursday, helping to send the already-plunging US stock market into sharp losses.
Bitcoin which was able to hold the $70,000 level through most of the day, has jumped to just below $72,000 in the minutes following the Bessent post, now up 2.2% over the past 24 hours.
WTI crude oil has retreated about $2 per barrel and is currently trading at $95.22.
