Supertanker Rates Hit $800K/Day as Gulf Shipping Risk Explodes

Baltic Exchange data shows benchmark Middle East-to-China supertanker rates surging to $800,000 a day, an extraordinary jump reflecting the physical risk now embedded in Gulf oil logistics rather than just barrel scarcity.

The spike follows the destruction of five Iranian-linked tankers by US forces, with Tehran signaling further retaliation. Crude and refined products are still moving, but at costs that are reshaping delivered prices for commodities importers worldwide.

Separately, US rig counts rose to 591 this week, up 52 year-over-year, showing domestic producers responding to elevated prices even as freight and geopolitical premiums dominate the broader commodities narrative.