President Trump has extended a limited waiver of the Jones Act shipping law to keep oil moving domestically, after signs of a deal to reopen the Strait of Hormuz failed to materialise, according to CNBC.
Key facts
- Trump extended a limited waiver of the Jones Act shipping law, according to CNBC.
- CNBC reports the move is aimed at keeping oil flowing within the United States.
- The extension follows the failure of recent signs of a deal to reopen the Strait of Hormuz, per CNBC.
- Reported by CNBC on 10 August 2026.
President Donald Trump has extended a limited waiver of the Jones Act, a U.S. shipping law, in a move CNBC reports is aimed at keeping oil flowing within the United States.
The extension comes after the Trump administration’s latest signs of a deal to reopen the Strait of Hormuz failed to materialise, according to CNBC.
The provided reporting does not detail the specific terms, duration or scope of the waiver extension, the current status of the situation involving Iran, or the reasons the reported deal to reopen the Strait of Hormuz did not proceed. Honest Abe News could not independently verify these details from the single source available.
Why it matters
The Strait of Hormuz is a major route for global oil shipments, and CNBC reports that a deal to reopen it has not materialised. By extending the Jones Act waiver, the administration is seeking to keep oil moving domestically, according to CNBC's reporting.
Frequently asked questions
What is the Jones Act?
The Jones Act is a U.S. shipping law governing the transport of goods between American ports. A waiver can ease restrictions on which vessels may carry goods, including oil, between domestic locations.
Why did Trump extend the waiver?
According to CNBC, the extension is intended to keep oil flowing within the United States amid the Iran war, and it came after recent signs of a deal to reopen the Strait of Hormuz failed to materialize.
Why does the Strait of Hormuz matter?
The Strait of Hormuz is a critical route for global oil shipments, so disruptions there can affect energy supplies and markets worldwide.