Project Freedom was set to begin on May 4, with the U.S. military pledging to provide support, including the use of guided-missile destroyers, aircraft and drones.

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.

Trump on May 1 said he would boost levies on cars and trucks from the European Union to 25%.

Shares of Canadian National Railway Co. slumped 6% on April 29, the most in more than five years, after it reported quarterly revenue of C$4.38 billion.

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

“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.

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

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