Amid growing fears over the economic impact of rising oil prices, US Treasury Secretary Scott Besant said Thursday evening that the Trump administration is taking steps to promote stability and lower energy prices.
“To increase global access to existing supply, the U.S. Treasury is providing a temporary authorization to allow countries to purchase Russian oil currently stranded at sea,” Besant said in an X-post.
Besant said, “The temporary increase in oil prices is a short-term and temporary disruption which will result in massive benefits to our country and economy in the long run.”
Indeed, oil rose nearly 10% to nearly $100 a barrel on Thursday, helping send the already declining US stock market into deep losses.
Bitcoin Which was able to hold the $70,000 level for most of the day, Besant has dropped below $72,000 within minutes of the post, now up by 2.2% in the last 24 hours.
WTI crude oil has fallen by almost $2 per barrel, currently trading at $95.22.