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Oil prices are soaring, threatening a wider problem with inflation, but the president has insisted that borrowing costs must be lowered.
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Oil prices increased Wednesday despite President Donald Trump's suspension of the Jones Act, which regulates shipping. Unleaded gas costs 32 percent more than a month ago.
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Trump waives shipping law as gasoline prices soar AxiosTrump waives U.S. shipping law for 60 days to steady oil market CNBCOil prices spiral again as White House moves make little impact The Washington PostTrump issues 60-day waiver from Jones Act shipping rules to lower costs for oil as Iran war pressures prices. Follow live updates. The Boston GlobeU.S. Suspends Oil Shipping Rules to Ease Gas Price Pressures
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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.
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President Donald Trump on Wednesday took the much-anticipated step of waiving a 1920 law known as the Jones Act in an effort to combat soaring prices for crude oil and other key commodities.
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Federal Reserve Chair Jerome Powell is due to speak Wednesday on the economy and interest rates for the time since the start of the Iran conflict.
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Traffic starts trickling through Strait of Hormuz: Who's moving through and who's still stranded or diverting CNBCAbout 90 ships cross the Strait of Hormuz as Iran exports millions of barrels of oil despite the war AP NewsIran allowing more ships through Strait of Hormuz, data suggest Al Jazeera
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Asia stocks: Nikkei, KOSPI lead gains on tech boost; Fed decision ahead Investing.comAsian stocks rally as oil retreats, Fed in spotlight ReutersAsia Equities Gain Ahead of Fed, Oil Retreats But Stays High WSJAsia-Pacific markets close mixed as oil gains and Iran war keeps investors on edge CNBC
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Delta soothes investor fears over the effect of rising oil prices by raising revenue guidance, and the stock surges.
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FT-Booth Survey shows unease about impact of the conflict on growth and prices
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