The Trump administration "remains committed to continuing to strengthen our critical supply chains" amid the Iran war, press secretary Karoline Leavitt said.

A White House official stressed that the waiver is temporary. Read more at straitstimes.com. Read more at straitstimes.com.

Oil tops $100 as the Hormuz blockade chokes 20% of global supply, forcing a rare Jones Act waiver and stoking inflation that threatens Fed cuts and crypto

Oil tops $100 as the Hormuz blockade chokes 20% of global supply, forcing a rare Jones Act waiver and stoking inflation that threatens Fed cuts and crypto

Oil tops $100 as the Hormuz blockade chokes 20% of global supply, forcing a rare Jones Act waiver and stoking inflation that threatens Fed cuts and crypto

The Trump administration "remains committed to continuing to strengthen our critical supply chains" amid the Iran war, press secretary Karoline Leavitt said.

The White House said it would suspend Jones Act requirements for 60 days amid wider efforts to counter steep oil prices and cargo disruptions due to the war with Iran.

As the war in the Middle East rages, a US law known as the Jones Act, or the Merchant Marine Act of 1920, comes into the spotlight. Now, the Trump administration, under pressure from rising oil and...