Nearly 45 million more people could fall into acute food insecurity or worse if the conflict doesn't end by the middle of the year, and if average oil prices stay above $100 a barrel.

The new pipeline is scheduled to come online sometime in 2027, and would double the UAE's oil export capacity.

Iran has shown little interest in loosening its hold on the waterway, insisting it wants to maintain a degree of control even after the end of the war.

Cuba has dealt with sweeping blackouts in the months since the U.S. started blockading the country's supply of fuel.

While Iran has yet to explicitly claim responsibility for the incidents, a senior Iranian official reiterated the country's claim to the Strait of Hormuz.

Roughly 14.6 million barrels a day of crude oil and petroleum liquids moved through the strait in Q1 of 2026, down from 20.4 million over that same period last year.

The new definition expands the zone from 20-30 miles to roughly 200-300 miles, with Iran stating that it no longer views the strait as a limited area.

A shortage of petroleum products in Japan has affected sectors from food production to medical equipment makers.

The price of standard whey powder increased from just under €1,100 ($1,173) per tonne in January, to roughly €1,700 per tonne in April.

April was the shipping hub's strongest month so far this year, with the port recording its highest cargo volumes since August.