Crypto markets found footing this week after US Treasury Secretary Scott Bessent pushed back on speculation that the government would intervene in oil markets.

On March 16, Bessent dismissed rumors that the Treasury Department was preparing to step into energy markets to control prices.

“That rumor’s in the market,” Bessent told CNBC’s Brian Sullivan during a “Squawk Box” interview. “When there’s big dynamic price action, that always happens. We haven’t done that.”

The comments come amid sharp rise in oil prices, which surged toward the $100 per barrel mark. Several analyst speculated that US authorities could intervene directly in oil futures.

Bessent, however, made it clear such action is neither underway nor straightforward.

“I’m not sure under what authority or what auspices,” he said when asked whether intervention was even being considered.

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The reassurance appeared to ripple across markets, including crypto.

Earlier in the week, Bessent had already taken steps to address rising oil concerns, stating:

“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.”

He added: “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.”

Following those remarks, Bitcoin (BTC) climbed sharply, jumping to just below $72,000 and gaining more than 2% on the day.

The move coincided with a pullback in oil prices, with crude dropping by roughly $2 per barrel, signaling easing pressure across global markets.

Bitcoin (BTC) climbed sharply, jumping to just below $72,000 and gaining more than 2% on the day

The move coincided with a pullback in oil prices, with crude dropping by roughly $2 per barrel

By March 17, Bitcoin briefly pushed above $75,000 before stabilizing in the low $70,000 range

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Oil prices remain a key driver of market sentiment.

While US crude traded around $96 and Brent hovered above $100, the absence of direct government intervention appears to have reduced fears of extreme policy responses, something that can unsettle both traditional and digital asset markets.

Rising oil prices historically increase inflation concerns

Inflation pressure tends to weigh on risk assets like cryptocurrencies

Policy clarity is helping stabilize both traditional and crypto markets

Chris Beauchamp, chief market analyst at IG Group, told WSJ, “Everything else seems to live or die based on oil prices. Bitcoin has been immune to that. It’s been finding its own little haven niche.”

US equities moved higher on March 17 as markets extended their rebound following volatility tied to the Iran conflict.

S&P 500 gained around 0.3%

Nasdaq Composite climbed a similar margin

Dow Jones Industrial Average added roughly 92 points

Oil prices continued to drive sentiment:

Brent crude held above the $100 mark after rising about 2%

Energy stocks outperformed

Consumer discretionary shares advanced despite higher fuel costs

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This story was originally published by TheStreet on Mar 17, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.