Baltic Dry Index surged by 54% in the past month. Is there still a "big killer" behind?

On June 13th, the Baltic Dry Index rose by 3.36% to 1968 points, reaching a new high since early October last year. In the past month, the BDI index has accumulated a 54% increase. In addition, the Drewry World Container Index remained stable this week compared to last week, at around $3543 per FEU. Over the past four weeks, the Drewry World Container Index has surged by 59%, due to the 90-day tariff buffer period between the United States and China, which has led to a rapid recovery in trans-Pacific eastbound freight volumes. It is worth noting that there may be more to come, as tensions escalate in the Middle East, with concerns that Iran may block the Strait of Hormuz in retaliation. Some analysts suggest that if the conflict between Israel and Iran escalates leading to a disruption in shipping through the Strait of Hormuz, oil prices could be pushed to $120 per barrel.