Middle East tensions, Panama Canal limits can further tighten global shipping

Rising Middle East tensions, marked by the largest US-Iran military exchange since July, have once again cast a shadow of geopolitical escalation over the region. Meanwhile, recent announcements of multi-billion-dollar deals between US companies and Venezuela to tap the country's vast oil reserves have added another variable to global oil markets. International crude prices remain highly sensitive to geopolitical shifts, contributing to higher global transport costs.