Bitcoin climbs close to $72K after Bessent signals steps to calm oil price volatility.

U.S. Treasury Temporarily Authorizes Russian Oil Purchases as Prices Surge

U.S. Treasury Secretary Scott Bessent said Thursday that the Trump administration will grant temporary authorization for countries to purchase Russian oil currently in transit, aiming to stabilize energy markets and limit economic disruption.

“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 wrote on X. He described the recent spike in oil prices as a short-term disruption that will ultimately benefit the U.S. economy.

Oil rose nearly 10% Thursday, nearing $100 per barrel, contributing to sharp losses in U.S. stocks.

Bitcoin (BTC $71,457) held above $70,000 and briefly surged to just under $72,000 following the announcement, up about 2.2% over 24 hours. WTI crude later pulled back slightly to $95.22 per barrel.