Tanker Rates Hit $1M/Day as Hormuz Shipping Crisis Deepens
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Daily tanker commissioning rates broke $1 million for the first time in history, with vessels willing to transit the Strait of Hormuz fetching as much as $1.03 million per day, according to Bloomberg data cited by Oilprice.com.
The squeeze reflects a vanishing pool of shipowners willing to risk crude pickups inside the Persian Gulf, adding a substantial logistics premium on top of already elevated spot prices near $100-105 per barrel.
With tankers now also facing cybersecurity threats, the shipping bottleneck is becoming a standalone driver of commodity costs, independent of upstream production disruptions.