As the U.S and Israel’s conflict with Iran intensifies, supertanker costs in the Middle East have hit all-time highs. That was according to shipping data and industry sources on Tuesday.
It comes as Tehran has attacked ships passing through the Strait of Hormuz.
Shipping through the Strait between Iran and Oman carries around one-fifth of oil consumed globally, as well as large quantities of liquefied natural gas.
But it’s ground to a near halt after vessels in the area were hit as Iran retaliated against U.S. and Israeli strikes.
The disruption and fears of prolonged closure have caused oil and European natural gas prices to jump.
Brent crude futures were up nearly 10% this week as the conflict triggered multiple oil and gas shutdowns in the Middle East.
The benchmark freight rate for the very large crude carriers used to ship millions of barrels of oil from the Middle East to China, rose to an all-time high on Monday.
U.S. and Israel attacked Iran and killed Supreme Leader Ayatollah Khamenei on Saturday.
Iran has responded by attacking Gulf countries, prompting precautionary shutdowns at oil and gas facilities across the Middle East.
Iranian media has said that the Strait of Hormuz is closed and that the country would fire on any ship trying to pass.
Post time: Mar-06-2026
