Iran war's effects spill onto Panama Canal as ships pay over $1 million to pass quickly

The Iran war's effects have spilt onto Panama Canal, one of the world's largest chokepoints, as ships have begun paying over $1 million (₹9.42 crore) to pass through it. The ships are paying the amount in auctions to get the earliest possible slots to cross the canal. The Panama Canal Authority added that average auction prices have risen 175%.