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Shipowners are placing “huge volume requests” for insurance cover as they look to transit the Strait of Hormuz following the U.S.-Iran ceasefire deal.

Rio Tinto and Century Aluminum raised the premium on aluminum blocks known as billets by about 3 cents a pound, or $110 a ton, above prewar levels.

Exxon, which also said first-quarter earnings from its energy-products division would be lower, is among the first of the supermajors to disclose the war’s impact.

While shipowners and insurers lined up to welcome the ceasefire, they also warned that more details will be needed to determine if safe transit is possible.

The price for a barrel of benchmark U.S. crude oil plunged 15.6% to $95.32. Brent crude, the international standard, tumbled 13% to $95.12 per barrel

“President Trump, he loves to see big deals happen,” Transportation Secretary Sean Duffy said during an interview on CNBC April 7. 

Under the proposal, motor carrier safety operations and programs would be funded at $398 million, while motor carrier safety grants would total $548 million.

Two companion bills intended to deter cargo theft by imposing higher criminal penalties are moving through the Michigan Legislature.

The 68% surge in crude prices since the Iran war began roughly five weeks ago is incentive enough to compel American oil executives to ramp up output.

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.