U.S. Treasury Approves Temporary Purchase of Russian Oil Amid Price Surge
U.S. Treasury Secretary Scott Bessent announced Thursday that the Trump administration will provide temporary authorization allowing countries to buy Russian oil currently in transit, aiming to stabilize global markets and ease energy costs.
“To increase the global reach of existing supply, the U.S. Treasury is providing temporary authorization to permit countries to purchase Russian oil stranded at sea,” Bessent said on X. He added that the recent spike in oil prices is short-term and will ultimately benefit the U.S. economy.
Oil rose nearly 10% on Thursday, approaching $100 per barrel, contributing to sharp losses in U.S. stocks.
Bitcoin (BTC $71,457) remained above $70,000 throughout the day and jumped to just under $72,000 after the announcement, up roughly 2.2% in 24 hours. WTI crude has since eased slightly to $95.22 per barrel.
