Vincent Clerc, chief executive of Maersk, has told the BBC that increased transport costs resulting from shipping disruptions caused by the conflict in Iran will be passed on to consumers.

Clerc explained that, like other ocean carriers, Maersk has mechanisms in place that pass changes in fuel prices on to the company's customers. 

"So what it means is that ultimately, in this case, these increases will pass to our customers and will pass on to the consumers," he said.

Since the U.S.-Israel war with Iran began, transportation through the vital Strait of Hormuz route has come to a standstill, driving oil prices up close to $120 a barrel on March 9, before easing in a jittery market.

On March 11, multiple news outlets reported that three ships in the Persian Gulf and Strait of Hormuz had come under attack, including a Thai-registered bulk carrier that caught fire, forcing the crew to abandon ship. Tehran has threatened to “set on fire” any foreign ships going through the strait, and there are reports of Iran laying mines in the waterway.

On March 10, U.S. Central Command posted on social media that U.S. forces eliminated multiple Iranian naval vessels, March 10, including 16 minelayers near the Strait of Hormuz. On the same day, the U.S. Energy Secretary, Chris Wright, posted on social media that the U.S. had successfully escorted a tanker through the strait, driving oil prices lower. But, shortly after, says the Times, a military official said that wasn’t the case, the social media post was deleted, and prices rose again.