Bitcoin rises toward $72K as Treasury Secretary Bessent moves to ease oil market concerns.

U.S. Treasury Authorizes Temporary Purchase of Russian Oil Amid Surging Prices

Amid growing concerns over rising oil costs, U.S. Treasury Secretary Scott Bessent announced Thursday that the Trump administration will provide temporary authorization for countries to purchase Russian oil currently in transit.

“To increase the global reach of existing supply, the U.S. Treasury is providing a temporary authorization to permit countries to purchase Russian oil currently stranded at sea,” Bessent said in a post on X. He added that the recent spike in oil prices is a short-term disruption, ultimately benefiting the U.S. economy in the long run.

Oil prices rose nearly 10% on Thursday, pushing crude close to $100 per barrel and contributing to sharp losses in U.S. equities.

Bitcoin (BTC $71,457) has held above $70,000 and surged to just under $72,000 following Bessent’s announcement, gaining roughly 2.2% in 24 hours. Meanwhile, WTI crude has eased slightly, trading around $95.22 per barrel.