3rd March 2026
Data from the London Stock Exchange Group show that the cost of chartering a supertanker to transport oil from the Middle East to China has climbed to more than $400,000, the highest level on record.
This record freight rate applies to the largest crude carriers, capable of transporting up to 2 million barrels of oil. The cost has nearly doubled compared to last week, when the United States first threatened strikes against Iran.
Iran has reportedly been targeting vessels transiting the Strait of Hormuz, a critical route through which nearly one-fifth of the world’s oil and gas supply is transported.
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