According to the Financial Times, Panama Canal tolls are reaching historic highs, driven by low water levels caused by El Niño and a surge in energy transportation demand triggered by the closure of the Strait of Hormuz. Since August, the average daily auction price for a slot in the canal's commonly used locks has been approximately $1.1 million, more than 16 times higher than the same period last year. Specifically, the average auction price for the Neopanamax large locks has reached $2.5 million, with the highest single transaction price hitting $3.78 million. The Canal Authority has successively implemented draft restrictions, and by September 3, the operable water level for vessels will decrease from the normal 50 feet to 47.5 feet, leading to a rapid accumulation of ships waiting to transit.