Oil tanker rates hit record $1.2mn/day as Iran war disrupts shipping

Rates for very large crude carriers (VLCCs) on Middle East-China routes have more than doubled since late August to a record $1.2 million per day, driven by a shortage of the largest supertankers amid Iran war-related shipping disruptions. The surge reflects heightened war-risk premiums and rerouting, tightening global oil supply chains. This marks a significant escalation in shipping costs that could feed into oil prices and inflation.