Oil, insurance, shipping, and flights are all becoming more expensive due to the conflict in Iran
Eva María Muñoz, president of the Mexican Association of Freight Forwarders (Amacarga), warned that rerouting and cancellations by shipping companies and airlines as a result of the U.S.-Israel war on Iran have caused oil and insurance prices to surge along with shipping and airfares.
She pointed out that shipping rates and insurance costs have increased because to the conflict and the closing of the Strait of Hormuz, one of the most significant maritime routes in the world. There have also been supply chain interruptions and route reconfigurations.
The executive claims that transportation expenses have skyrocketed, with some maritime insurance premiums rising by almost 1,000%.
