Brent crude futures expiring in May surged nearly 6% to rise to $109 per barrel, gaining nearly 19% over the past week.
The Trump administration is reportedly planning to issue a temporary waiver for the Jones Act as crude oil prices continue to rise amid the Iran war.
According to a Reuters report citing people familiar with the matter, the Jones Act waiver could be issued on Wednesday to help ease deliveries of fuel and fertilizer.
The Merchant Marine Act of 1920, commonly called the Jones Act, is a U.S. federal law that regulates maritime commerce within the United States. It is named after its sponsor, Senator Wesley Jones.
This comes at a time when crude oil prices have continued to gain after crossing the $100-per-barrel mark.
U.S. West Texas Intermediate (WTI) crude futures maturing in May gained nearly 3% per barrel to hover around $98 a barrel. Brent crude futures expiring in May surged nearly 6% to $109 per barrel, gaining nearly 19% over the past week.
The United States Oil Fund ETF (USO) gained over 2%, while the ProShares Ultra Bloomberg Crude Oil ETF (UCO) was up about 4% at the time of writing.
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