The U.S. Treasury will provide temporary authorization to permit countries to purchase Russian oil currently stranded at sea, a move cited by Treasury Secretary Scott Bessent as a measure to help cap surging prices. Bessent described the temporary increase in oil prices as a short-term disruption that will yield a massive benefit to the nation and economy in the long term. Oil rose nearly 10% to around $100 per barrel on Thursday, contributing to losses in the U.S. stock market. Bitcoin traded near $72,000 after the post, moving higher by about 2% over the past 24 hours.
The cryptocurrency had steadied near the $70,000 level for much of the day. Prices were buoyed by the broader market movement following the remarks. The U.S. Treasury is set to authorize temporary oil purchases by countries for Russian crude stranded at sea, a move cited by Treasury Secretary Scott Bessent as a measure to help cap surging prices. Bessent described the policy as a short-term disruption that will yield a long-term benefit to the nation and economy.
Oil rose nearly 10% to around $100 per barrel on Thursday, contributing to losses in the U.S. stock market. Bitcoin traded near $72,000 after the remarks, rising about 2% over the past 24 hours. The cryptocurrency had held near the $70,000 level for much of the day, with prices buoyed by the broader market movement following the policy comments.
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