New Delhi, June 23 -- Global shipping freight rates, already rocked by the trade war unleashed by US President Donald Trump, are expected to become more volatile as the West Asia conflict escalates.

Over the past 7-10 days, since Israel attacked Iran, spot freight rates have increased by about 150% because of a shortage of vessels willing to go near the war-affected region.

Now, with Iran threatening to block the Strait of Hormuz after the US bombed its nuclear facilities, freight rates and premiums may increase further, increasing the landed cost of key supplies such as oil, industry executives and government officials said.

The Strait of Hormuz, a sea passage between Oman and Iran, sees nearly one-fifth of global oil shipments and ab...