Traffic through the crucial Strait of Hormuz has been almost completely halted after Iran threatened to “set fire” to ships, with some 200 tankers effectively stranded.

Meanwhile, insurance premiums, particularly on ships considered American, British or Israeli, have risen significantly due to the higher perceived risk of attack.

Data from the London Stock Exchange Group shows the cost of hiring a supertanker to transport oil from the Middle East to China hit a record high on Monday of more than $400,000 (£298,300) a day, almost double the cost last week.

Sanne Manders, president of logistics technology platform Flexport, says rising fuel costs mean shippers are likely to start raising rates globally, not just in the Middle East, as transportation becomes more expensive.

The vast majority of goods traded in the world are transported by sea. According to the International Monetary Fund (IMF), shipping costs are a “major inflation factor.”

But while increases can affect import prices at the dock within a few months, the impact on box prices “accumulates more gradually, peaking after 12 months,” it says in a 2022 analysis.

The IMF said this week that it was “too early” to assess the economic impact of the Iran conflict on the region and globally, as this will depend on its scope and duration.