CMA CGM, the world’s third-largest shipping company, said it will impose emergency fuel surcharges starting from August 1 due to the renewed escalation of clashes in the Strait of Hormuz.

In a statement, the French company said that recent tensions in Hormuz have again sharply driven up fuel prices and reversed the downward trend of the past weeks. According to the company, the cost of fuel for ships has increased across all regions and routes, raising the total cost of sea freight.

The surcharges will range from $65 to $165 per container and will remain in place until further notice.