U.S. Treasury Authorizes Temporary Purchases of Russian Oil as Prices Surge
U.S. Treasury Secretary Scott Bessent announced Thursday that the Trump administration will allow countries to temporarily purchase Russian oil currently in transit, aiming to ease energy costs and stabilize markets.
“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 called the recent spike in oil prices a short-term disruption that will ultimately benefit the U.S. economy.
Crude oil jumped nearly 10% Thursday, approaching $100 per barrel, contributing to sharp losses in U.S. equities.
Bitcoin (BTC $71,457) remained above $70,000 and briefly rose to just under $72,000, up about 2.2% over 24 hours, while WTI crude later eased slightly to $95.22 per barrel.
