Oil tanker costs hit record $1.2mn a day as Iran war disrupts shipping

AI Summary

Oil tanker costs have surged to a record $1.2 million per day due to disruptions in shipping caused by tensions related to the Iran war. The shortage of large supertankers has more than doubled freight rates on key routes between the Middle East and China since late August.

Shortage of biggest supertankers has more than doubled rates on key Middle East-China routes since late August