Oil Tanker Rates Hit Record Highs Amid Iran War, Reshaping Global Trade

The cost of shipping crude oil has reached record highs, with supertanker rates on the Persian Gulf to East Asia route topping $1.4 million per day in early October. This surge, up 40% in the first week of October alone, is attributed to the Iran war, which has reshuffled trade routes and increased voyage lengths. The September record of $1 million per day was quickly surpassed, signaling significant disruption in global oil logistics.