U.S. to suspend century-old maritime law to curb oil prices

The administration of U.S. President Donald Trump plans to issue temporary exemptions from the law requiring the use of only American-built ships for the transportation of goods between U.S. ports. Several sources familiar with the situation told Bloomberg.

The action of the century-old Jones Act will be suspended to curb a sharp rise in oil prices, the agency's interlocutors explained. Exemptions for 30 days will allow foreign tankers to help supply refineries on the U.S. East Coast with fuel from the Gulf Coast and other regions of America, sources told Bloomberg.

On March 12, Brent crude oil rose to over $101 per barrel (up 10% from the previous close). Futures for WTI with delivery in April traded at $96.25, also showing growth of more than 10%. This is how markets reacted to the first public statements of the new head of Iran Mojtaba Khamenei - in a speech on Iranian TV he said that the Strait of Hormuz - a narrow water passage off the coast of Iran, through which passes about 25% of all marine oil supplies and a significant amount of LNG - should remain closed as "an instrument of pressure on the enemy".

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