Trump announced a 60-day waiver of the Jones Act as the administration works to curb rising gas prices.

Oil prices slightly fell on Wednesday morning after sources citing American Petroleum Institute figures showed an increase in U.S. crude inventories.

A woman sifts through the rubble of a house damaged by missile attacks in Tehran on March 15. (Majid Saeedi/) Now in its third week, the Iran war has engulfed the Middle East, killed more than 2,000 people and sent oil prices skyrocketing worldwide.

Oil prices are climbing again, with Brent crude futures topping $108 a barrel, ending a relatively calm start to the day after reports of new attacks on critical Iranian energy infrastructure. Futures

The Jones Act dictates that only U.S.-made ships can move cargo between U.S. ports. They charge customers more for shipping than foreign vessels.

Oil prices resumed their rise on Tuesday because of the war with Iran, but U.S. stocks held steadier this time around. Related

When the US Federal Reserve sets interest rates, the process typically involves striking a balance between two goals, price stability and full employment. A sharp increase in energy prices as a result of the Iran war and a rise in the unemployment rate in February risks putting those two goals into conflict.

The Federal Reserve will likely hold interest rates steady at its March meeting, following a dismal jobs report and an energy and oil crisis in Iran.

Gasoline prices in the United States rose to $3.79 a gallon on Tuesday, their highest since October 2023, according to the AAA motor club. The overnight increase, about 7 cents a gallon on average, means the cost for drivers has increased 27 percent since the start of the U.

Oil prices pared gains on Tuesday as uncertainty lingered over a U.S.-led coalition to protect shipping through the Strait of Hormuz.