Businesses dole out up to $4 million to cross Panama Canal during Strait of Hormuz chokehold

Businesses are paying up to $4 million to transit the Panama Canal as geopolitical tensions block the Strait of Hormuz, causing a surge in demand and rerouted global trade. The Panama Canal Authority reports auction fees for urgent passage have spiked to $425,000 on average, with a fuel company paying $4 million to redirect a shipment to Singapore.