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Key producers led by Saudi Arabia and Russia agreed to increase targets for May by about 206,000 barrels a day.

The strait saw 21 ships transit over the weekend as more governments negotiate to extract vessels, strengthening Tehran’s grip on the waterway.

Diesel prices are climbing, ocean vessels are rerouting and U.S. trucking rates are responding as war in Iran ripples through energy and freight markets.

The announcement marks the first significant details revealed publicly about the reinsurance program since the project’s formation almost a month ago.

Benchmark U.S. crude rose 11.4% to $111.54 a barrel. The price of Brent crude, the international standard, jumped 7.8% to $109.03 per barrel.

Experts say differences in price aren’t typically decided by any individual gas retailer, and most of them aren't pocketing the extra pennies when prices rise.

Britain accused Iran on April 2 of holding the world's economy hostage as diplomats from more than 40 countries held talks.

The price of Brent crude, the international standard, jumped 6.5% to $107.72. per barrel. Benchmark U.S. crude rose 11.3% to $111.44 per barrel.

Financial markets muddled through the first two months of the year. Then came the war in Iran.

With crude oil surpassing $100 a barrel, stopgap measures are helping, but they're not adding up to enough oil to replace what's stranded, experts say.