Trump waives Jones Act as oil tops $100 and crypto slumps on inflation fears

Oil has surged past $100 as the blockade of the Hormuz Strait starts to take its toll, choking off a whopping 20% of the world’s global supply. This is having a ripple effect, forcing a rare waiver of the Jones Act. And that’s not all – it’s also stoking inflation, which in turn threatens to derail potential Fed cuts and dampen risk appetite in the crypto market. Oil markets are still reeling on Wednesday, stuck in a state of acute stress.