To ease the surge in oil prices, the U.S. temporarily authorized the purchase of Russian seaborne oil. Following the news, oil prices retreated, driving Bitcoin above $72,000, with funds flowing into spot ETFs, while gold ETFs experienced outflows.
Releasing Reserves Fails to Halt Price Rise, U.S. Temporarily Opens Russian Seaborne Oil
Since the U.S. and Israel launched a war against Iran, international crude oil prices have continued to soar. According to BBC, although the International Energy Agency (IEA) announced a record release of 400 million barrels of oil reserves, global oil prices still climbed back above $100 per barrel. Since the start of the U.S.-Iran conflict in early March, international oil prices have surged from about $80 to around $120.
To address oil supply shortages and curb soaring prices, U.S. Secretary of the Treasury Scott Bessent announced that the U.S. has issued a 30-day temporary permit allowing countries to purchase Russian oil currently stranded at sea, aiming to stabilize the global energy market.
Buying Russian Oil Is a Temporary Measure, U.S. Treasury Says It Does Not Benefit Russia
According to an announcement on the U.S. Treasury website, the temporary exemption allowing countries to purchase Russian seaborne oil applies only to Russian crude oil and related petroleum products loaded onto ships before 12:01 a.m. Eastern Time on March 12, and the purchase window will remain open until midnight on April 11, Washington time.
As of March 12, approximately 124 million barrels of Russian oil are stranded at sea at about 30 locations worldwide, providing roughly five to six days of global supply.
In response to the 2022 Russia-Ukraine war, the G7 and the European Union have imposed strict sanctions on Russian oil and set a price cap of $44.10 per barrel. The EU has also pledged to fully stop importing all remaining Russian oil by the end of 2027.
Image source: Wikimedia Commons, 2015, Mikhail Ulyanov ship transporting oil from the Prirazlomnoye platform in the Russian Arctic
Now, with the U.S. temporarily allowing countries to purchase Russian seaborne oil, some question whether this move could indirectly benefit Russia.
Bessent responded that this is a limited, short-term measure targeting oil already in transit and will not bring significant financial gains to the Russian government, because most of Moscow’s energy revenue comes from taxes levied during the oil extraction phase.
U.S. Policy Moves Impact Cryptocurrency, Bitcoin Surges Past $72,000
Following the announcement of the U.S. opening Russian seaborne oil purchases, market concerns about rising energy prices and their impact on the economy eased somewhat.
West Texas Intermediate (WTI) crude oil prices fell about $2 to $95.22 per barrel, currently trading at $95.79; meanwhile, Bitcoin quickly surged after the news, breaking above $72,000 at one point, and has since retreated to $71,470, up 2.65% in the past 24 hours.
Image source: CNBC
Diverging Capital Flows in Bitcoin and Gold ETFs
Noted investment bank JPMorgan analyst Nikolaos Panigirtzoglou pointed out in a recent report that since the outbreak of the U.S.-Iran war, there has been a clear divergence in capital flows between Bitcoin and gold ETFs.
Data shows that the largest gold ETF, SPDR Gold Shares (GLD), experienced outflows amounting to about 2.7% of its assets under management, while the largest Bitcoin spot ETF, iShares IBIT, saw inflows of 1.5% during the same period.
JPMorgan’s analysis team observed that although institutional investors have recently increased short positions and put options on Bitcoin to hedge against declines, overall Bitcoin volatility is gradually decreasing.
Analysts believe this phenomenon reflects a deepening institutional participation in the Bitcoin market, with overall market liquidity continuously improving, indicating a move toward a more mature risk-hedging market structure.
Further Reading:
Trump: The U.S.-Iran war is almost over! Bitcoin rises, oil falls, MicroStrategy buys $1.3 billion worth of BTC
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