Trump waives U.S. shipping law for 60 days to steady oil market

President Donald Trump issued a 60-day waiver of a longstanding U.S. shipping law in an attempt to stabilize oil markets amid the Iran war, the White House confirmed to CNBC on Wednesday.

The temporary suspension of the Jones Act "will allow vital resources like oil, natural gas, fertilizer, and coal to flow freely to U.S. ports for sixty days," White House press secretary Karoline Leavitt said in a statement.

The Trump administration "remains committed to continuing to strengthen our critical supply chains," Leavitt said.

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