Oil tanker costs hit record high

The cost of hiring an oil supertanker has passed $1.2 million a day
on routes between the Middle East and Asia, adding to the pressure
on global energy markets triggered by the war in Iran 

Conflict is causing
shortage of Very
Large Crude Carriers
(VLCCs), as vessels
take longer routes

VLCC SPOT MARKET RATES FROM MIDDLE EAST
TO CHINA ($m per day)

0
0.2
0.4
0.6
0.8
1.0
1.2

Feb 2026: Cost
before start of war
stands at $120,000 –
up from rate of
$20,000-$50,000
in 2025

Feb 28: U.S. and Israel
launch strikes on Iran

Apr 13: U.S. begins
naval blockade of Iran

May 5: Major combat
operations conclude but
low-intensity conflict
continues

Late Aug: Cost
exceeds $600,000

Sep 17
Rate more than
doubles since
late Aug to
$1.2125m

Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep

Inflated costs: Iran war forcing
refineries to look further afield for
their crude, tying up ships for longer
periods of time

Lengthy delays: Estimated 15%
of world’s tanker fleet is waiting
outside Gulf due to reduced oil flows
through Strait of Hormuz

Source: FT
Picture: Getty Images
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