File photo: US President Donald Trump (Picture credit: AP)

US President Donald Trump has temporarily waived the century-old Jones Act for 60 days in a bid to ease rising energy costs in the United States, after the US-Israeli war with Iran sent oil markets sharply higher and pushed up petrol prices.As per news agency AFP, the move allows foreign-flagged ships to transport cargo between US ports during the waiver period, temporarily setting aside a long-standing restriction under the 1920 law.

White House says move aims to ease oil market disruption

The White House framed the decision as an emergency step to soften the economic fallout from the conflict.

US wholesale prices rose more than expected in February, reflecting mounting inflationary pressures even before the recent surge in global energy prices linked to the Iran conflict, according to data released by the Labor Department as reported news agency AP.The department reported on Wednesday that its producer price index (PPI), which measures inflation at the wholesale level before it reaches consumers, increased 0.7% from January and rose 3.4% from February 2025. The year-on-year increase was the highest since February 2025.The gains exceeded economists’ forecasts and came before the US and Israel’s attack on Iran pushed oil prices sharply higher, raising concerns about further inflationary risks.“These are some mighty big increases, adding fuel to the political conversation about affordability,” wrote Carl B. Weinberg, chief economist at High Frequency Economics. “And of course, energy prices will spike higher in the March report, thanks to the war in Iran and the blockade of the Strait of Hormuz.”Oil prices have climbed nearly 50% since the Iran war began, with gasoline prices also rising sharply. The average price for a gallon of gasoline in the US spiked again overnight to $3.84, compared with well under $3 last month before the US and Israel attacked Iran. Diesel prices, widely used in transportation, are rising even faster.Excluding volatile food and energy components, so-called core wholesale prices increased 0.5% from January, down from a 0.8% rise in the previous month but still more than twice what economists had anticipated. On an annual basis, core prices rose 3.9%, the steepest gain since January 2025.Food prices rose 2.4% during the month, led by a sharp 49% surge in vegetable prices and a 10% increase in fruit prices. Although food costs remain lower than a year ago, some economists warned that emerging cost pressures could worsen inflation trends in the months ahead.Wholesale inflation had also risen unexpectedly in January. While the earlier uptick was initially seen as temporary, the February data pointed to deeper concerns, analysts said.Stephen Stanley, chief US economist at Santander, described the latest increase as a “sign of trouble.” He noted that companies had largely absorbed higher costs linked to tariffs introduced by the Trump administration.“The problem is the (producer price index) is signaling that this is not a one-off wave of costs that would necessitate a single set of consumer price adjustments,” Stanley wrote. “Instead, the pipeline pressures continue to build.”The inflation data came as policymakers at the Federal Reserve met in Washington to decide on the benchmark interest rate. The central bank had cut rates three times last year when inflation appeared to be moderating, but is now expected to keep borrowing costs unchanged again.The Fed is assessing whether price pressures will ease and whether weakness in the labour market may warrant lower rates. However, the war with Iran has complicated the outlook by pushing energy prices higher, prompting investors to react cautiously to the latest inflation figures.US equity markets also reflected the concerns. The S&P 500, Dow Jones Industrial Average and Nasdaq Composite reversed early gains and slipped into negative territory after the release of the producer price data and renewed increases in oil prices.Recent government reports have already indicated that consumer inflation remains above the Fed’s 2% target. Consumer prices rose 2.4% last month compared with February 2025, while the Fed’s preferred inflation gauge, the personal consumption expenditures (PCE) price index, increased 2.8% in January from a year earlier. Core PCE inflation rose 3.1%, the largest rise in nearly two years.

NEW DELHI: Former England captain Jos Buttler has admitted he had a disappointing T20 World Cup but insists his international career is not over. The experienced batter scored just 87 runs in eight innings as England cricket team reached the semi-finals before losing to India cricket team. Despite the setback, he believes he can return to his best form.

Reflecting on his performance, Buttler said, “Obviously I had a poor tournament, which is disappointing,” but remained hopeful, adding, “But I have been playing some of the best cricket of my (career) in recent years, so hopefully I can get back to playing my best.” He also made it clear he still wants to play for England, saying, “I certainly have ambitions (to play for England again), but no longer being a captain, I am not a selector and whatever, so what will be, will be.”

‘It just didn’t quite happen’: Jos Buttler

After the World Cup, Buttler took a break in France with his family to mentally reset. “I couldn’t have been further away from cricket, which for me at the time was just perfect,” he said, explaining the need to step back. He added, “It is exactly what I needed,” he continued. The break helped him reflect on his game and mindset. “It was really refreshing, I really enjoyed it, a complete sort of release,” he said. Accepting that things didn’t go his way, Buttler concluded, “It wasn’t for a lack of effort, it just didn’t quite happen.”