Trump Administration To Suspend Jones Act As Crude Oil Breaches $100 Per Barrel Again: Report

The Trump administration is reportedly planning to issue temporary waivers for the Jones Act amid soaring crude oil prices due to the Iran war.

According to a Bloomberg report citing people familiar with the matter, the waivers would be valid for 30 days, allowing foreign tankers to supply East Coast refiners with fuel from the Gulf Coast and other parts of the U.S.

This comes at a time when crude oil prices have once again soared past the $ 100-per-barrel mark.

U.S. West Texas Intermediate (WTI) crude futures maturing in April soared more than 10% per barrel before shedding some of the gains to hover around $96 a barrel. Brent crude futures expiring in May surged more than 10% to $101.53 before losing some steam to hover around $101 a barrel.

Get updates to this developing story directly on Stocktwits.

Also See: Iran's New Supreme Leader Says Strait Of Hormuz Will Stay Closed, Warns US Bases In The Region Will Be Attacked If Not Shut: Report

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