Domestic energy companies could benefit from high oil prices in the short-term, but take a hit if the Iran war drags on.

WTI oil futures edged up 0.1% to $96.32 a barrel, while Brent crude gains 3.8% to $107.38 a barrel, after strikes hit Iranian energy infrastructure.

The White House said Trump would waive, for 60 days, Jones Act requirements for goods shipped between U.S. ports to be moved on U.S.-flagged vessels.

The plan to remove sanctions on Iran comes a week after the Trump administration temporarily eased sanctions on Russian oil. The United States is also working to ramp up the flow of oil being exported by Venezuela, which it now considers an ally since it arrested President Nicolás Maduro in January and removed him from office.

Oil companies are winning extra revenue from high prices due to the war in Iran, but could suffer if the energy shock depresses demand from consumers and businesses.

I have been calling gold up for a couple of years now, and readers would have caught gold below $2,000 if they had been following my rants. But the trend just broke.

The Federal Reserve held interest rates steady at its March meeting, following a dismal jobs report and an energy and oil crisis in Iran.

If you need any further evidence of the wisdom of holding some energy stocks in your 401(k) and other retirement accounts, look at Berkshire Hathaway.