Tehran has said any normalization of traffic would hinge on the U.S. complying with the terms of a memorandum of understanding signed in June.

The initiative seeks to establish a “temporary joint maritime corridor” and project for mine clearance to restore safe navigation through the area.

The two crossings -- by one very large gas carrier and one very large crude carrier -- fell far short of the 10-day average of 14 daily commodity vessels.

The incidents add another risk around the Bab el-Mandeb Strait, a critical chokepoint connecting the Gulf of Aden with the Red Sea and a key route for global shipping.

Since March 1, there have been 1,514 dark crossings in and out of the Persian Gulf, and three different oil slicks are spreading through the area.

The Pinglu Canal will reportedly shorten inland waterway transportation by nearly 350 miles, reduce transportation costs by as much as $735 million annually.

CK Hutchison is alleging that Panama violated an investment protection treaty as part of what the company described as a "state attack campaign." 

The move underscores how the market is turning to workarounds to cope with maritime congestion due to the Iran war and an intensifying El Niño.

The risks to shipping are set to continue after Trump insisted that there were no ongoing talks with Tehran, leaving the simmering conflict in the Middle East in limbo.

Russia and Ukraine have stepped up attacks on each other’s commercial ships and ports in the Black Sea area, raising concerns about global grain supplies.