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Last week’s speculations about escalating tensions between Iran and the U.S. prompted a rush from charterers to secure vessels ahead of any potential supply disruption, shipbrokers said.

The global oil industry is working through the consequences of Washington’s move. For shipowners, that means higher rates on some routes as current and future oil flows are redirected.

A shortage of oil tankers is becoming so acute that newly built vessels, which usually carry refined fuels on their maiden voyages, are instead racing empty to pick up crude as soon as possible. 

Daily earnings to transport crude on key routes have seen the biggest jump this year, up 467%. Freight costs typically dip at year-end due to seasonal weakness in demand.

From Nov. 10, the U.S. will pause measures designed to combat China’s shipping dominance, the White House said. Meanwhile, Beijing said it would suspend the countermeasures it imposed.

International shipping has been roiled by retaliatory port charges levied by the U.S. and China on each others’ ships in recent months, a move that pushed up freight costs.

Beijing and Washington have sparred over shipping, with China introducing a hefty extra fee on vessels known to have American links, following a similar U.S. move.

The U.S. is set to start charging large Chinese vessels millions of dollars when they call at American ports from Oct. 14.

The spike in July was due to traders rushing to front-load their cargo to be able to reach U.S. stores before Trump’s import duties take effect, said Executive Director Gene Seroka.

Container liners are starting to sever shipping routes that link the U.S. and China across the Pacific, as President Donald Trump’s trade war upends the industry.