Trump temporarily waives maritime shipping law to ease energy costs

President Donald Trump on Wednesday temporarily waived a century-old shipping law to help ease energy costs that have surged since US-Israeli strikes on Iran plunged the Middle East into war.

Trump's move to issue a 60-day Jones Act waiver would lift a ban on foreign-flagged vessels transporting cargo between US ports over this period.

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The 1920 law was aimed at promoting American shipbuilding, but critics argue that it hampers free trade and has raised costs for consumers.

Trump's latest move is "just another step to mitigate the short-term disruptions to the oil market as the US military continues meeting the objectives of Operation Epic Fury," said White House Press Secretary Karoline Leavitt in a statement.

She was referring to the joint US-Israeli offensive launched against Iran on February 28.

"This action will allow vital resources like oil, natural gas, fertilizer and coal to flow freely to US ports for sixty days," Leavitt added.

Also read: Brent crude oil price jumps 5% after Iran's energy facilities come under attack

She vowed that the Trump administration "remains committed to continuing to strengthen our critical supply chains."

According to AAA motor group data, US gasoline prices have risen more than 27 percent since the start of the war.