As fears grow about the economic impact of rising oil costs, U.S. Treasury Secretary Scott Bessent said late Thursday that the Trump administration is taking steps to promote stability and reduce energy prices.
“To increase the global reach of existing supply, the US Treasury is granting temporary authorization to allow countries to buy Russian oil currently stranded at sea,” Bessent said in an X publication.
“The temporary rise in oil prices is a temporary, short-term disruption that will result in a massive benefit to our nation and our economy in the long term,” Bessent added, suggesting that market fears about rising oil prices were overblown.
In fact, oil rose almost 10% to almost $100 a barrel on Thursday, contributing to heavy losses in the already sagging US stock market.
bitcoin which was able to hold the $70,000 level for most of the day, jumped to just under $72,000 in the minutes following Bessent’s post, now up 2.2% over the past 24 hours.
WTI crude oil has retreated around $2 per barrel and is currently trading at $95.22.
