US President Donald Trump’s administration has proposed investing $5 billion in a new fund that would help Middle East countries rebuild energy infrastructure battered in the Iran war and reduce their reliance on the Strait of Hormuz to transport oil and natural gas, according to US and Middle Eastern officials and documents seen by The Wall Street Journal (WSJ), the latter reports.

The move is a tacit acknowledgment that the seven-month conflict has roiled the global energy market and destroyed regional pipelines and refineries that will be costly to rebuild, WSJ adds.