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."

Oil is trading above $100 a barrel after efforts to resume peace talks stalled, leaving Hormuz almost impassable.

Trump’s war with Iran since February has added a new layer of complexity in U.S.-India relations.

India expanded the pool of approved Russian providers, alleviating the shortage of insurers to provide the liability coverage tankers carrying Russian oil need to legally enter its ports.

The company said the announcement signals a capacity decrease of less than 1% in available seat kilometers.