According to Bessent, the U.S. Treasury Department will temporarily allow countries to purchase Russian oil that is currently being shipped.
Amid rising concerns about the economic effects of increasing oil prices, Scott Bessent said on Thursday evening that the United States Department of the Treasury is taking measures to support market stability and help reduce energy costs.
In a post on X, Bessent stated that the U.S. Treasury will issue temporary authorization allowing countries to purchase Russian oil that is currently stranded at sea, aiming to expand the global availability of existing supply.
Scott Bessent added that the recent spike in oil prices should be viewed as a short-term disruption rather than a lasting problem.
He emphasized that, although the increase may create temporary pressure, it is expected to deliver significant long-term benefits for the nation and its economy.
Bessent also suggested that market concerns about rising oil costs may be exaggerated.
Meanwhile, oil prices surged nearly 10% on Thursday, approaching $100 per barrel. The sharp increase contributed to heavy losses in the already struggling U.S. stock market, adding further pressure on investors.
Bitcoin managed to stay above the $70,000 level for most of the day, showing strong support despite market uncertainty. Shortly after comments from Scott Bessent were posted, Bitcoin quickly gained momentum and surged to just under $72,000.
Over the past 24 hours, the cryptocurrency has climbed roughly 2.2%, reflecting renewed investor confidence.
Meanwhile, energy markets also showed some movement. WTI crude oil prices eased slightly after earlier volatility, falling about $2 per barrel and currently trading around $95.22.
The pullback suggests that some of the earlier pressure from rising oil prices may be starting to stabilize.
