Oil Tanker Rates Hit Record Highs as Middle East Shipping Risks Soar

OilPrice.com ^ | Sep 10, 2026 | Tsvetana Paraskova

[Mount Athos]

Oil tanker rates have jumped to record highs as escalating risks to shipping in and out of the Middle East are prompting traders and tanker operators to undertake inefficient and more expensive trade routes.

While the crude oil supply is actually there, shipping it through the Strait of Hormuz remains a very risky endeavor, especially in light of the escalating U.S.-Iran tanker war in the Persian Gulf and the Gulf of Oman, while Saudi Arabia has started to move crude cargoes out of the region through the north of the Red Sea and from Egypt’s Mediterranean ports.

The much longer workarounds are tying tankers and supertankers for longer with the shippers, tightening the market of available vessels so much that rates are skyrocketing to all-time highs.

For example, the benchmark daily rate for a very large crude carrier (VLCC) to ship oil from the Middle East to China has hit a record high of almost $800,000, per data compiled by Bloomberg.

The price of chartering a supertanker to ship crude from the U.S. Gulf Coast to Asia has now hit a lump-sum fee of $29.5 million per run, and that’s not even factoring in fees for additional war risks or unexpected delays.

“The VLCC positions list is now so tight that no one would be too surprised if we see the WS 400 mark breached for a Fujairah/East run off a prompt-ish position before long, crazy as it may sound,” shipbroker Fearnleys said.

“The oil still needs to get out through the Strait of Hormuz, and Iranians have increased efforts to stop that from happening. It’s a fragile state of affairs,” the shipbroker added.

“The market is quite stressed with all of that, and that’s showing up in the shipping rates.”

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TOPICS: Business/Economy; News/Current Events
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[EnderWiggin1970]

Not to worry, we’ll just sink some more tankers. I’m sure that will help the situation. /s

[Mount Athos]

[Nateman]

It takes about 60$ for American oil production per barrel. At over 100$ a barrel sold these profits are being poured in bringing Venezuela oil to market and increasing US production elsewhere. The President is very likely correct when he says the prize of gas is going to go way down after this war ends .

The only way I can predict this war ends is regime change. As long as the Mullahs are in charge they will fight to the bitter end.

[Mount Athos]

On a scale of 1-10, how surprised would you be if there is no regime change?

[spetznaz]

If you want a truly honest answer, add the following to your wuestion: ‘Assume that the exact same decisions were being made by Obama.’

That should probably give you a very accurate read of one’s true thoughts.

[rollo tomasi]

Venezuela oil, that sour crude from the Orinoco Belt which is expensive to refine is suppose to get us out of this mess? Yeah right. Also this isn’t a war legally,just a series of operations which is the problem, no set timetable to end this expensive adventure. Spare this nuke canard, Iran is a client State where most of the population is tribal. Its asymetrical as can be and heavily subsidized by various entities around the globe. What is the goal anyway? Seige tactics take a long time, do we have a long time?