Crude oil shipping costs have surged 258% in two months, exceeding $23 per barrel on Middle East-to-Asia routes. Very Large Crude Carrier daily charter rates have crossed the one million dollar threshold for the first time, with specific reports of $1.035 million per day on Persian Gulf routes. This spike, driven by the escalating US-Iran conflict since late February 2026, has turned the Strait of Hormuz into a risk zone that tanker operators are pricing accordingly. As a result, freight costs now represent up to 25% of the delivered price, with Asia bearing the brunt as the world’s largest crude importers absorb inflated shipping expenses.
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