With fears growing over the economic impact of surging oil costs, U.S. Treasury Secretary Scott Bessent said Thursday evening that the Trump administration is taking steps to promote stability and lower energy prices.

"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," said Bessent in an X post.

"The temporary increase in oil prices is a short-term and temporary disruption that will result in a massive benefit to our nation and economy in the long-term," added Bessent, suggesting market fears about the rise in oil prices were overblown.

Indeed, oil rose nearly 10% to nearly $100 per barrel on Thursday, helping to send the already slumping U.S. stock market to sharp losses.

Bitcoin BTC$71,723.38, which was able to hold the $70,000 level throughout most of the day, has jumped to just below $72,000 in the minutes following the Bessent post, now higher by 2.2% over the past 24 hours.

WTI crude oil has pulled back about $2 per barrel, currently trading at $95.22.