Trump Waives Jones Act, Iran Halts Gas Flows To Iraq Reuters reports that after US and Israeli fighter jets attacked Iran’s South Pars gas field – the largest in the world – gas flows to Iraq were halted. Gas flows from Iran account for 40% of Iraq’s supply. An Iraqi official told the outlet that the gas flows had been diverted for domestic use. Israel’s escalation of the conflict – now targeting Iran’s upstream energy assets – sent Brent crude futures above the $109/bbl level, as WTI prices inched closer to triple-digit territory. The surge in energy prices this morning was met with the Trump administration waiving the century-old Jones Act – a maritime law that will now allow foreign ships to transport energy products between US ports – to ensure there are no logistical bottlenecks and that shipping costs stay low amid the worst energy shock the world has ever seen.  Iran Plans Counterattack on Gulf Area Energy Infrastructure  Brent crude futures jumped from around $103.5/bbl to $108/bbl following Israeli airstrikes on Iran’s South Pars gas field in the Persian Gulf. This escalation in strikes underscores what Bloomberg commodities analyst Javier Blas said: “Both sides are now targeting upstream […]