Higher shipping costs, higher fuel surcharges, higher landed costs.
While you absorb every increase, you’re still owed thousands in IEEPA tariff refunds the SCOTUS struck down. Calculate yours in 60 seconds.
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Trump announced Project Freedom Sunday night, May 3, 2026. The US Navy began escorting US-flagged merchant ships through the Strait of Hormuz Monday morning. Two US merchant vessels successfully transited under escort. Iran responded with cruise missiles, drones, and small boats — none struck US targets. UAE air defenses engaged 19 separate Iranian missiles and drones with three moderate injuries reported. Brent crude topped $110/barrel. The US national average for gasoline hit $4.46. For US importers, the costs land on you — higher fuel surcharges, longer transit times, war risk insurance premiums, more expensive petroleum-derived inputs. The one thing in your favor: the IEEPA tariffs you paid in 2025, which the Supreme Court ruled unconstitutional, are still refundable through the CAPE portal at CBP.
What Just Happened
Trump announced Project Freedom in a Sunday night address on May 3, 2026. The operation began Monday morning, May 4. US Navy guided-missile destroyers are now escorting US-flagged merchant ships through the Strait of Hormuz, which Iran has been blocking against nearly all shipping since February 28, 2026.
Two US merchant vessels successfully transited the strait under escort on day one. Iran's military issued a public warning that any US forces entering the strait will be attacked. Iran then followed through: cruise missiles, drones, and small boats targeted US ships during the Monday transit. None struck their targets. US Navy attack helicopters destroyed the small boats and intercepted incoming drones.
UAE air defenses separately engaged 19 Iranian missiles and drones aimed at regional infrastructure. Three moderate injuries reported. No deaths confirmed.
The situation is unstable. Neither side has formally restarted full combat operations. Both fired Monday.
The Economic Impact Right Now
Brent crude oil is trading above $110/barrel. That's up from roughly $83 just weeks ago and $61 at the start of 2026. The US national average for retail gasoline sits at $4.46/gallon — up from under $3 before the war.
Approximately 20% of the world's seaborne oil normally passes through the Strait of Hormuz. Hundreds of ships have been stranded in the region for over two months while the strait was closed. Container shipping rates are spiking as carriers add war risk surcharges. Some carriers are rerouting via the Cape of Good Hope, adding 10–15 days of transit time on lanes that touch the Middle East. Marine insurance premiums for any vessel transiting the region have multiplied.
Every one of those cost lines flows downstream to landed cost.
What This Means for US Importers
For every importer reading this — the costs land on YOU.
- Higher fuel surcharges from carriers (passed through bunker fuel costs) - Longer transit times affecting inventory planning - War risk insurance premiums on goods transiting the region - Petroleum-derived products (plastics, chemicals, synthetic textiles) costing more at the input level - Even goods sourced outside the Middle East get hit when carriers reroute - The Section 122 tariff (10%) still applies on top of all these increased costs
You're absorbing higher landed costs AND still paying tariffs.
The one thing in your favor: the IEEPA tariffs you paid in 2025 — which the Supreme Court ruled unconstitutional on February 20, 2026 — are now refundable through the CAPE portal in ACE. For an importer who paid IEEPA tariffs on $1M of goods from Vietnam at the 46% rate, that's roughly $460,000 sitting at CBP waiting to be claimed, plus statutory interest. That kind of cushion matters when shipping and fuel costs are climbing in every other line item.
What to Do This Week
The Hormuz situation is unstable. Neither side wants to formally restart full combat operations, but both fired Monday. Energy and shipping cost pressure isn't easing soon.
Three things importers should do this week:
1. **Recalculate your landed costs** with current shipping rates and fuel surcharges. The numbers from a month ago aren't valid anymore.
2. **Lock in freight rates where possible.** Carriers are still adjusting; spot rates will move further. Long-term contracts with rate caps protect against the next surge.
3. **File your IEEPA tariff refund claim before the June 7 government appeal deadline.** Refunds processed and paid before any Federal Circuit stay are unlikely to be clawed back. Refunds still in queue when a stay drops are exposed.
The refund money is sitting at CBP. It's yours. Get it back while costs are climbing everywhere else.
Key Takeaway
Project Freedom launched on May 4, 2026 and the cost shock from the Strait of Hormuz is still working through global shipping. Oil at $110, gas at $4.46, war risk insurance multiplied, transit times extended on rerouted lanes — every one of those costs lands on US importers. The IEEPA refund window through CAPE is open and time-bound by the June 7 government appeal deadline. Importers who file clean before then have the strongest position. Importers waiting are leaving the cushion on the table.
With landed costs rising from oil and shipping disruption, your IEEPA refund matters more than ever.
Calculate what CBP owes you in 60 seconds — free, no commitment.
Calculate My Refund →See also: first refunds arriving May 11 · Hormuz blockade tariff impact · April reopen recap