Supertanker Rates Top $1.4M/Day as Iran War Disrupts Oil Shipping

Crude oil shipping costs have hit record highs, with supertanker rates on the Persian Gulf to East Asia route exceeding $1.4 million per day, up 40% in the first week of October. The Iran war is forcing longer, inefficient voyages, tying up tanker capacity and reshaping trade routes. This marks a shift from an oil supply crisis to a logistics bottleneck, amplifying energy costs and inflationary pressures.