President Donald Trump issued a 60-day waiver of a longstanding U.S. shipping law in an attempt to stabilize oil markets amid the Iran war, the White House confirmed to CNBC on Wednesday. The temporary suspension of the Jones Act “will allow vital resources like oil, natural gas, fertilizer, and coal to flow freely to U.S….
The Iran war could soon mean higher prices on store shelves for consumers. Iran’s effective closure of the Strait of Hormuz passage has significantly disrupted the global supply chain, affecting goods from fertilizers to metals to gas and fuel. The passage is a critical point, funneling tens of millions of barrels of oil daily along…
Mediterranean | E+ | Getty Images The Middle East conflict has disrupted trade through the Strait of Hormuz and its impact could ripple far beyond the energy markets, risking a spike in global food prices. The strait is not only a key artery for oil and gas shipments but also for fertilizers critical to global…
Tankers sail in the Gulf, near the Strait of Hormuz, as seen from northern Ras al-Khaimah, near the border with Oman’s Musandam governance, amid the U.S.-Israeli conflict with Iran, in United Arab Emirates, March 11, 2026. Stringer | Reuters Americans are warily eyeing prices at the pump as oil shipments through the Strait of Hormuz grind…
U.S. Energy Secretary Chris Wright pumps gas at a gas station in Corpus Christi, Texas, U.S., February 27, 2026. Sheila Dang | Reuters Energy Secretary Chris Wright said oil and gas prices will begin to fall when the U.S. begins to knock out Iran’s ability to hinder tanker traffic through the Strait of Hormuz, as…
US President Donald Trump speaks during a Black History Month event in the East Room of the White House in Washington, DC, on Feb. 18, 2026. Saul Loeb | AFP | Getty Images President Donald Trump on Wednesday issued an executive order invoking the Defense Production Act to promote the domestic production of phosphorus and…
