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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.

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.

Indiana canceled nearly 1,790 non-domiciled commercial driver licenses April 1 when a new law took effect aimed at undocumented truckers and their employers.

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.