French shipping company CMA CGM says it will impose an emergency surcharge from August 1 due to rising prices amid renewed escalation in the Strait of Hormuz, Al Jazeera reports.

“Following the renewed escalation of hostilities in the Strait of Hormuz over the past days, fuel prices have surged sharply again, reversing the easing observed in recent weeks. As a result, bunker costs have significantly increased across all regions and trades, impacting the overall cost of ocean transportation,” the firm said on its website.

The surcharge, which will range from $65 to $165 per container, will be in place until further notice.