Trump Administration To Suspend Jones Act As Crude Oil Breaches $100 Per Barrel Again: Report
Synopsis
Brent crude futures expiring in May surged more than 10% to $101.53 before losing some steam to hover around $101 a barrel.
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.<
For updates and corrections, email newsroom[at]stocktwits[dot]com.<
Stay updated with all the latest Business News, including market trends, Share Market News, stock updates, taxation, IPOs, banking, finance, real estate, savings, and investments. Track daily Gold Price changes, updates on DA Hike, and the latest developments on the 8th Pay Commission. Get in-depth analysis, expert opinions, and real-time updates to make informed financial decisions. Download the Asianet News Official App from the Android Play Store and iPhone App Store to stay ahead in business.