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

The case is the latest example of how oil traders and shippers are struggling to adjust to the disruption wrought by the near-closure of the Strait of Hormuz.

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.

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 conflict in the Middle East has posed significant challenges to the safety and stability of global shipping,” China’s biggest container liner said.

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.