Transportation

With Hormuz unpassable due to Iran war, ships vie for limited canal transit slots

20260511N Panama canal

Only a limited number of ships can pass through the Panama Canal each day. © Reuters

RIONA GOMI and HINAKO SATO

TOKYO — Crude oil and petroleum products traveling through the Panama Canal swelled more than 70% above last year’s levels in April, as the effective closure of the Strait of Hormuz sent Asian buyers scrambling to secure supplies from the U.S.