Bitcoin rises close to $72,000 following Treasury Secretary Bessent’s efforts to alleviate concerns over oil.

Bessent mentioned that the U.S. Treasury Department will issue temporary authorization to enable nations to acquire Russian oil that is presently in transit.

U.S. to permit sale of Russian oil at sea (Gerhard Traschütz/Pixabay)

Key points:

• Treasury Secretary Scott Bessent indicated that the U.S. will permit the acquisition of certain Russian oil to assist in stabilizing rising prices.
• This announcement led to a surge in bitcoin, which rose to just under $72,000, while oil prices fell by approximately $2 per barrel.

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BTCBTC$69,873.58◢0.59%

As concerns about the economic effects of rising oil prices intensify, U.S. Treasury Secretary Scott Bessent stated on Thursday evening that the Trump administration is implementing measures to foster stability and decrease energy costs.

"To enhance the global availability of current supplies, the U.S. Treasury is issuing a temporary authorization to allow nations to buy Russian oil that is presently stranded at sea," Bessent remarked in a post on X.

"The short-term rise in oil prices is a transient disruption that will yield significant advantages for our country and economy in the long run," Bessent added, implying that market apprehensions regarding the increase in oil prices were exaggerated.

Notably, oil prices surged nearly 10% to close to $100 per barrel on Thursday, contributing to considerable losses in the already declining U.S. stock market.

Bitcoin BTC$69,873.58, which managed to maintain the $70,000 mark for the majority of the day, experienced a rise to just under $72,000 in the moments following Bessent’s announcement, now reflecting an increase of 2.2% over the prior 24 hours.

WTI crude oil has decreased by around $2 per barrel, currently priced at $95.22.