The trade of ferrying oil through the Strait of Hormuz undetected to transfer the barrels onto tankers in the Gulf of Oman is running at full tilt, sources say.

The ocean carrier brought in $15.8 billion in revenue in Q2, up from $13.1 billion a year earlier, while operating profit nearly doubled year-over-year to $1.6 billion.

Around 113 vessels were waiting to transit the Panama Canal as of August 3, compared to just 40 vessels that were in line in early January.

Houthi rebels reportedly hit a cargo ship with three ballistic missiles, in the first deadly attacks against commercial vessels in the region since the start of the Iran war.

As the conflict extends into a sixth month, consumers around the world are once again facing the prospect of higher fuel prices and inflation.

Unlike the previous extensions, the Pentagon will consult with the U.S. Department of Transportation Maritime Administration to decide which voyages are exempt from the Act.

The latest delays threaten to add a fresh complication to global trade at a time when oil flows are already being significantly disrupted by the war in Iran.

Both U.S. and Iranian officials have been signaling in recent days that some kind of accord on Hormuz is close.

The investment emphasizes the importance of the Interoceanic Corridor of the Isthmus of Tehuantepec. 

The stop-start nature of negotiations over reopening the Strait of Hormuz in recent months means analysts and traders expect shuttling to continue in some form.