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The war is showing no signs of abating after U.S. and Israeli strikes on Iran more than a week ago, and the fallout is stoking fears of an inflation crisis. The halt to shipping through Hormuz has driven up fuel prices.

The Trump administration announced a $20 billion reinsurance program aimed at reviving shipping in the Strait of Hormuz, where traffic has all but stopped amid the U.S. and Israeli attacks on Iran. 

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.

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.