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.

In total, Ireland has spent around €755 million on fuel supports in recent months, as the country's fuel prices have surged since the start of the Iran war.

The UAE has criticized fellow Arab states for not doing enough to protect it from numerous Iranian attacks during the Middle East conflict.

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

The West Coast is characterized as a “fuel island” because it’s not connected by pipelines to the rest of the country.

The waiver issued in March has already been used by ships transporting an array of goods — including renewable diesel, crude oil, ammonia, ethanol and gasoline.

No other foreign-flagged vessel has shipped U.S. crude from the Gulf Coast to the Atlantic Coast since Trump waived the Jones Act.

The Persian Gulf produces oil that is particularly well-suited to refining to diesel and jet fuel, and supplies were already tight before the war.

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