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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.

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.

Airlines and other large fuel buyers have been loading up on oil derivatives contracts in recent days to keep their bills from spiraling as the U.S.-Iran war pushes prices to multiyear highs.

With ships unable or unwilling to transit the Strait of Hormuz, producers cannot export, supertanker costs are skyrocketing and storage at many Persian Gulf refineries is filling up fast. 

President Donald Trump said the U.S. would provide insurance guarantees and naval escorts to ensure safe passage for oil tankers and other vessels through the Strait of Hormuz.

A decision to tap the Energy Department’s Strategic Petroleum Reserve could help stanch price spikes, at least temporarily. The reserve currently holds about 415 million barrels.

Shipowners and brokers are demanding more than $200,000 a day for LNG tankers in the Atlantic Basin, roughly double what they were commanding less than a day earlier, according to sources.

Agriculture traders rushed to adjust positions with the escalating conflict in Iran threatening to disrupt supply chains from corn and soybean meal to fertilizer and sugar.

Some carriers are canceling bookings temporarily, skipping some port calls, warning of delays and implementing surcharges to transport containers through the conflict zone. 

While operating in a soft freight market that has been squeezing margins, carriers of all sizes have been relying on fuel cards for savings at the pump and tighter control over fuel spending.