French shipping company CMA CGM announced it will impose an emergency fuel surcharge starting August 1, due to renewed escalation in the Strait of Hormuz and rising fuel costs.

The company said in a notice posted on its website that "the renewed escalation of hostilities in the Strait of Hormuz over the past days has led to a sharp new increase in fuel prices, reversing the decline seen in recent weeks."

It added: "As a result, ship fuel costs have risen significantly across all regions and shipping routes, affecting the overall cost of maritime transport."

The company clarified that the new surcharge will range between $65 and $165 per container and will remain in effect until further notice.