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Constraints in infrastructure and supply are likely to keep U.S. oil flows well below headline capacity figures often cited at around 10 million barrels a day.

The price for a barrel of benchmark U.S. crude climbed 3.9% to $116.83. Brent crude, the international standard, added 0.7% to $110.55.

A Dallas executive helped thwart an alleged cargo theft by tracking a $240,000 load of copper apparently rerouted to California instead of Illinois.

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.

The allegations add another point of tension between the U.S. and China ahead of President Donald Trump’s scheduled visit to Beijing in May.