The threat of attacks on key maritime routes amid the conflicts involving Iran and Ukraine has led to a record increase in costs for tanker operators, according to an analysis by the Lloyd’s List Intelligence research group, CBS News reports.

Rates for transporting oil from the Black Sea have risen especially sharply, as Ukraine continues attacks on vessels linked to Russia. At the same time, shipping costs from Saudi Arabia’s west coast from the port of Yanbu on the Red Sea have surged, while the cost of shipments through the Strait of Hormuz remains at the low level set in the first days of the war between the United States and Iran.

Experts describe the situation as a “perfect storm” for the seaborne energy transport market.

“All of this is happening at once, and different segments of the tanker shipping market are beginning to affect one another. In maritime trade, everything is interconnected,” said Lloyd’s List analyst Greg Miller.

The cost of short-term freight rates and rising insurance premiums are making the transport of oil on the largest VLCC tankers and Suezmax-class vessels significantly more expensive.

Transport volumes through the Red Sea, the Strait of Hormuz, and the Black Sea have declined because of threats from different parties to the conflicts: attacks by Iran-backed Houthis in Yemen, Ukrainian strikes on Russian vessels, and Iranian attacks on commercial ships.

According to Lloyd’s, the situation is made more complicated by the fact that global shipping routes are becoming increasingly interconnected. Shipowners are being forced to seek alternative routes, which could lead to congestion on certain corridors, delays, and a further rise in shipping costs.