Oil surges, Jones Act waived
Crude jumped to about $114 a barrel and wholesale gas prices spiked ~35% after Iranian strikes hit Gulf fuel export facilities — analysts warn this could cascade into broader inflation and supply shocks. (timesofindia.indiatimes.com) The White House issued a 60‑day Jones Act waiver to let foreign‑flagged ships move oil, gas and fertilizer between U.S. ports as a short‑term relief measure, but experts say global price pressure will likely persist — and the Red Sea has emerged as the next chokepoint if Houthi threats escalate. (reuters.com) (nbcnews.com)
QatarEnergy said missile strikes caused “extensive damage” at the Ras Laffan industrial complex, prompting emergency crews to contain fires at the world’s largest LNG export hub. (bloomberg.com) Reports also said facilities at Iran’s South Pars gasfield were struck, with fires at Asaluyeh after the incident. (bloomberg.com) South Pars is the world’s largest gas field and supplies roughly 80% of Iran’s domestic gas, making any disruption a major domestic-energy shock. (usnews.com) European natural‑gas futures surged as much as 35% on the strikes, and traders re‑priced LNG risk across the market during the session. (bloomberg.com) White House press secretary Karoline Leavitt posted on X that the administration’s domestic‑shipping relief would let foreign‑flagged vessels move oil, natural gas, fertilizer and coal between U.S. ports, the announcement appearing on March 18, 2026. (cnbc.com) Market analysts cautioned that waiving U.S. coastwise rules and tapping reserves would likely blunt but not eliminate price pressure, saying those measures “might slow the pain at the pumps” rather than end it. (kitco.com) A senior fellow at the Center for a New American Security described the waiver as limited in scope and unlikely to neutralize global supply shocks. (aljazeera.com) Maritime sources warned renewed Houthi threats could push more traffic away from the Suez/Red Sea corridor and back around the Cape of Good Hope, keeping freight surcharges and insurance premia elevated for shippers. (nbcnews.com)
