U.S. Treasury Allows Temporary Purchase of Russian Oil Amid Price Spike

U.S. Treasury Secretary Scott Bessent announced Thursday that the Trump administration is granting temporary authorization for countries to buy 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 described the recent surge in oil prices as a short-term disruption that will ultimately benefit the U.S. economy.

Crude oil jumped nearly 10% Thursday, approaching $100 per barrel, sending U.S. stocks lower.

Bitcoin (BTC $71,457) held above $70,000 and briefly rose to just under $72,000, gaining about 2.2% in 24 hours, while WTI crude eased slightly to $95.22 per barrel.