Supertanker Rates Hit Record $647,000 per Day as Gulf Oil Shipments Rise Amid Iran Conflict
Source Summary
Benchmark supertanker rates on the Saudi Arabia-to-China route surged to $647,000 per day on Thursday, more than ten times the rate from a year ago and 27% above the level from ten days earlier, according to Baltic Exchange data. Persian Gulf producers are increasing crude shipments through the Strait of Hormuz despite ongoing Iran conflict, driving the spike in shipping costs.
Why it matters
Record supertanker rates reflect the physical risk and supply constraints created by the Iran conflict, directly affecting the cost of moving crude oil globally.
