Donald Trump’s administration has proposed investing $5 billion in a fund to rebuild Middle East energy infrastructure damaged in the war against Iran and to reduce reliance on the Strait of Hormuz for oil and gas transport, according to The Wall Street Journal, which cited US and regional officials and documents.

The proposal is under discussion with several countries, including Saudi Arabia and the United Arab Emirates, and the initial US contribution would be matched by partner countries, according to Investing.com. Reuters, which carried the report, said it could not immediately verify the information. The newspaper says the seven-month conflict damaged pipelines and refineries in the region. For Investing.com, the announcement suggests Washington needs to repair both Gulf infrastructure and confidence in the US partnership, after the region’s energy assets became targets, and it does not immediately remove the geopolitical risk premium priced into oil.