Oil Supertanker Rates Soar to Record on Middle East Conflict

The cost of hauling crude oil from the Middle East to China soared to the highest level on record, as war between the US and Iran disrupts shipping through the Strait of Hormuz.

Earnings on the industry’s benchmark route climbed to $424,000 a day, according to data from the Baltic Exchange in London. Those fees are for the biggest oil-hauling ships that can carry two-million barrels of crude. The cost for booking a tanker from the US Gulf Coast to China also hit a record of more than $21 million for the whole voyage.