Panama City: (RightNow) The ongoing conflict in Iran has disrupted maritime traffic in the Hormuz Strait, leading to increased fees for passing through the Panama Canal. This month, the average fee has reached $1.1 million.

The Panama Canal is a crucial route connecting the Atlantic and Pacific Oceans. Annually, goods worth $270 billion pass through it, with 40% of U.S. trade relying on this canal.

Disputes in the Hormuz Strait and Bab el-Mandeb have affected maritime trade. Since the conflict began in February, shipping in the Hormuz Strait has been disrupted.

More ships are turning to the Panama Canal, increasing wait times and fees. Some ships are paying up to $4 million in fees.

It is noteworthy that restrictions on ship drafts have been imposed due to concerns about low water levels in the Panama Canal. The El Niño phenomenon poses a severe drought risk.