This new effort does not currently involve U.S. Navy escorts, but rather a coordination process for countries, insurance companies and shipping organizations.

Khamenei stressed that Iran has no intention of relinquishing control of the Strait of Hormuz, and that the country plans to implement new legal frameworks for managing the waterway.

"2025 will surely be remembered as the year U.S. tariffs rewrote the global trade playbook," Descartes said in its Top 30 U.S. Ports report released on April 28.

ONE took in $338 million in full-year net profits for the fiscal year, down from $4.24 billion the previous year.

The economist Paul Krugman, a former New York Times columnist, said he believed most analysts had been “far too sanguine” about the effects of a prolonged Hormuz crisis.

The increasingly widespread issues are adding to headaches for producers and traders already grappling with the biggest oil supply shock in history.

The initiative will include projects to expand rail tunnels, upgrade screening technology for national security, and add new cargo terminals. 

The Idemitsu Maru began sailing late on April 27 toward the strait from northwest of Abu Dhabi, where it had been sitting idle for more than a week.

Since the Iran war began at the end of February, only 11 ships laden with fertilizer have transited the Strait of Hormuz.

The UKMTO has raised the threat level off the coast of Somalia to "substantial," meaning that attacks on ships in the area are a "strong possibility."