"Shipping costs have increased by more than 10 percent in the past month due to the US-Israel war on Iran. The 60-day waiver for the Jones Act aimed to lower energy costs but has had little impact on oil prices, which continue to rise amid the ongoing conflict."
"Oil prices have continued to rise amid the ongoing conflict, with Brent crude futures rising 4 percent to $98.91. The US Navy imposed a blockade of Iranian ports to prevent oil movement, further straining the market."
"The Trump administration argued that the temporary waiver of the Jones Act would lower energy costs, but the changes have been overshadowed by spikes in oil prices, with estimates showing only a minimal decrease at the pump."
Shipping costs have increased by over 10% in the past month, driven by the US-Israel war on Iran. A 60-day waiver for the Jones Act, effective March 18, aimed to lower energy costs but has had minimal impact on oil prices. The ongoing conflict has disrupted transit through the Strait of Hormuz, leading to rising oil prices. Brent crude futures rose significantly, while US consumers are feeling the strain at the petrol pump. The blockade of Iranian ports by the US Navy further exacerbates the situation.
Read at www.aljazeera.com
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