Oil tanker costs hit records as Iran war strains global shipping

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  Oil tanker shipping costs have reached record highs as the Iran war disrupts trade routes and ties up vessels on longer voyages.

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  Supertanker rates on the Persian Gulf-to-China route rose above $1 million per day in September.

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  Rates on the Gulf-to-East Asia route then climbed above $1.4 million per day in the first week of October.

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  Ship-to-ship transfers outside the Strait of Hormuz are keeping tankers waiting for weeks and reducing vessel availability elsewhere.

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  The higher costs are adding millions of dollars to the price of a crude oil cargo and putting pressure on oil and fuel prices.

Who

Oil tanker operators, oil producers and buyers are affected. Vitol chief executive Russell Hardy and shipbroker Fearnleys commented on the market.

What

Tanker rates have reached record levels as the Iran war disrupts oil shipping and reduces vessel availability.

When

Rates rose in September and climbed further in the first week of October. The article was published on October 10, 2026.

Where

The Persian Gulf, Gulf of Oman and Strait of Hormuz, as well as routes to China and other parts of East Asia.

Why

The war has reshuffled trade routes and increased ship-to-ship transfers outside the Strait of Hormuz, tying up tankers on lengthy voyages.

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