What caused oil tanker rates to hit record highs, and which specific route saw the most extreme increase?

Oil tanker rates hit record highs due to the biggest wave of attacks on shipping since the U.S.-Iran war began in late February, including Iran's attack on 10 ships near the Strait of Hormuz and the Houthis' advance to Perim Island in the Bab el-Mandeb Strait. The shipping rate for very large crude carriers (VLCCs) loading oil from the Gulf of Oman for shipment to China reached around 450 on a Worldscale basis — approximately $11.50 per barrel — the highest level since the rate was launched earlier this year after the start of the U.S.-Israeli war with Iran.

How are rising VLCC freight rates linked to broader economic risks, according to the report?

The spike in VLCC freight rates shows how the Middle East conflict is feeding into the broader economy; if elevated shipping costs persist, they could add to inflationary pressures and further raise costs for businesses and consumers already facing uncertainty from the widening conflict.

Oil Tanker Rates Hit Record Highs Following Iran-US Shipping Attacks

Sep 11, 2026

Oil tanker shipping rates reached record highs due to escalating attacks between the U.S. and Iran in the Middle East. Baltic Exchange data shows VLCC rates from the Gulf of Oman to China rose to roughly $11.50 per barrel, raising concerns over global inflation and supply chain disruptions.

reuters

2026-09-11

Oil Tanker Rates Hit Record Highs Following Iran-US Shipping Attacks

Oil Tanker Rates Hit Record Highs Following Iran-US Shipping Attacks

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