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U.S. oil posted the biggest weekly gain on record as the war in Iran upends critical energy market flows, with shipping through the Strait of Hormuz at a near-total halt.

In a desperate bid to transport oil from the U.S. Gulf Coast to Asia, shippers have taken the unusual step of booking smaller vessels as costs soar for the massive tankers typically used. 

Maersk will temporarily halt its FM1 Service, which connects the Far East to the Middle East, and its ME11 Service, which links the Middle East to Europe, according to a notice to customers on March 6.

A review of shipping signals have confirmed only two commercial transits in the past 24 hours, the Joint Maritime Information Center said in a note on March 6.

A shipowner’s once-in-a-generation wager on oil tankers has made it so powerful that it controls an overwhelming majority of supertankers that can collect American oil next month.

Sinokor’s aggressive buying has spooked the market, traders say, in turn dramatically driving up the cost of freight as nervous charterers rush to book space in case prices rise further in the future due to the concentrated ownership.

Hapag-Lloyd is buying Israel’s Zim Integrated Shipping Services as the German shipping company aims to grow in size and bolster its presence in Asia.

Supply continues to expand at a record pace, with a projected 36% surge in new vessel capacity from 2023 to 2027. On the flip side, demand for container shipping is expected to contract 1.1% in 2026.

Actor and Stax Engineering founding partner Edward Norton promoted his company’s technology that captures ship emissions, saying the company has worked with CARB and the shipping industry.

The voyage marks another step toward normalization of global supply lines, after Yemen-based Houthis in 2023 began attacking vessels, forcing shipowners to sail south of Africa.