Wall St ends sharply lower as Iran war intensifies, crude price soars
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Source: Reuters
NEW YORK, March 12 (Reuters) - U.S. stocks fell on Thursday, as Iranian strikes on two oil tankers sent crude prices surging toward $100 per barrel, further exacerbating inflation fears and sending investors fleeing equity markets.
All three major U.S. stock indexes slid more than 1.5% in a broad selloff, with everything but energy and some defensive stocks suffering steep percentage losses. The S&P 500 notched its biggest three-day percentage drop in a month.
Front month WTI crude futures settled up 9.7% on the day, while Brent settled up 9.2%, touching $100 per barrel.
U.S. President Donald Trump's administration has told U.S. oil companies and shippers to prepare for a possible waiver of the century-old Jones Act, which governs domestic shipping, in an effort to mitigate rising fuel prices, according to sources familiar with the discussion.
Read more: https://www.msn.com/en-us/money/markets/wall-st-ends-sharply-lower-as-iran-war-intensifies-crude-price-soars/ar-AA1YwnVF
https://neworleanscitybusiness.com/blog/2026/03/12/jones-act-waiver-us-fuel-shipping/
Waiving the rule temporarily would allow foreign ships to carry fuel between U.S. ports, potentially lowering shipping costs and speeding deliveries
The United States has issued Jones Act waivers in the past only sparingly, typically in response to major supply disruptions. The most recent waivers came after hurricanes such as Hurricane Harvey and Hurricane Maria in 2017. At the time, the U.S. Department of Homeland Security temporarily allowed foreign-flagged vessels to transport fuel between U.S. ports to ease shortages and speed deliveries to affected regions.
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