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President Trump said April 6 that reopening the strait was “a very big priority,” despite also saying in recent weeks that it wasn’t among the core objectives.

Freight costs for very large crude carriers have surged. That’s creating a drag on export economics even as dock and pipeline capacities remain available.

The Institute for Supply Management’s gauge of prices paid for services and materials jumped to 70.7, the highest since October 2022.

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.

Most economists say the impact of the war and higher energy prices were probably not fully reflected in the March jobs numbers.

Amazon’s fuel and logistics-related surcharge will apply to U.S. and Canadian sellers using its Fulfillment by Amazon option, effective April 17.