Oil prices are on everyone’s mind. The conflict in Iran, the issues surrounding the straights of Hormuz, and the resulting volatility of energy markets have dominated business headlines since the conflict began on February 28, 2026. Although it’s anyone’s guess where oil prices will land, we know how the surcharge increases introduced since the start of the conflict have impacted shippers’ costs. Before I delve into what those extra costs have amounted to – and what shippers can do about them – it’s important to put fuel surcharges in context.
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