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Shipping will likely become more expensive globally as a result of the U.S.-Iran war. Iran closed the Strait of Hormuz, a crucial artery for the global oil trade, forcing companies and governments to change their shipping routes. A different route through the Cape of Good Hope is longer and will cost more, but at this time the only option. Major carriers like Maersk and Hapag-Lloyd have announced conflict surcharges on top of fuel charges. CNBC’s Frank Holland has the details.
Reporting by: Frank Holland
Edited by: Natalie Rice and Darren Geeter
Animation: Jason Reginato
Additional Footage: Getty Images, Reuters
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How The U.S.-Iran War Is Making Shipping More Expensive
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