President Donald Trump on Friday issued a 90-day extension of its Jones Act waiver in a bid to combat rising fuel costs amid the Iran war.

The Jones Act requires that shipping between different U.S. ports be done by American ships. The waiver permits non-American ships to transport goods between different American ports.

"This waiver extension provides both certainty and stability for the U.S. and global economies," White House assistant press secretary Taylor Rogers said in a statement. "

The Trump Administration has taken several actions to mitigate short-term disruptions to the energy markets, and this extension will help ensure vital energy products, industrial materials, and agricultural necessities are maintained."

The ongoing disruptions to shipping in the Strait of Hormuz have led to considerable volatility in energy prices. At present, oil prices stand above $95 per barrel.

Ben Whedon is the Chief Political Correspondent at Just the News. Follow him on X.