Panama Canal traffic surges amid Hormuz crisis

The ongoing conflict and shipping disruptions in the Strait of Hormuz are causing major shifts in global oil trade routes. Asian buyers are now turning to crude oil exported from the Gulf of Mexico instead of Middle Eastern reserves, leading to a surge in traffic through the Panama Canal. This has resulted in severe congestion, with waiting times at the canal reaching approximately 40 days. Tanker operators are reportedly paying millions of dollars to buy passage slots and jump to the front of the line, highlighting the economic strain of the regional crisis.