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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. 

The news comes as the EV market is at a standstill amid the Trump administration steering federal support away from electrification in favor of a broader agenda supporting the oil and gas industries.

The escalating war has choked off oil and gas supplies to key customers in Asia and Europe and sent energy prices soaring.

“You can’t sugarcoat this report,” said Brian Jacobsen of Annex Wealth Management. “A negative payrolls number combined with a big jump in oil prices will have traders worrying about stagflation risks.”

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.

Diesel prices rocketed in the immediate aftermath of the joint U.S.-Israel attacks on Iran, and the military escalation that followed set in motion a wave of geopolitical uncertainty.

The Trump administration is weighing a range of options for addressing the spike in oil and gasoline prices amid the war in Iran, Interior Secretary Doug Burgum said.

The U.S. oil futures rally took another move higher, sending prices to their highest in about 20 months as investors price in a prolonged war in the Middle East that could upend crude flows.

Federal and local law enforcement officers have taken action to bust an organized ring of diesel thieves thought to be selling the fuel around the Port of Oakland.