Tanker charter costs in the Persian Gulf nearly double in a week as producers expedite crude shipments post-crisis.
Tanker rates in the Strait of Hormuz have soared to over $190,000 per day, up from $106,000 a week ago, as Middle Eastern producers rush to clear backlogged crude. The spike reflects heightened demand for very large crude carriers (VLCCs) amid efforts to normalize supply chains disrupted by regional tensions.
Prior to the surge, rates had stabilized near $106,000, a level already elevated by geopolitical risks. The latest jump outpaces consensus expectations for a gradual decline as the crisis eases, signaling persistent volatility in energy shipping markets.
The rally underscores the financial upside for tanker owners, who continue to benefit from supply chain bottlenecks despite easing geopolitical pressures.