The conflict involving Iran has driven VLCC rates to $650,000 per day, up from $423,736 per day in March 2026. This surge reflects heightened risks and disruptions in the Strait of Hormuz, a critical shipping corridor for Middle Eastern crude exports. The war has caused significant disruptions in tanker traffic and insurance coverage, further inflating freight rates. Analysts are monitoring the probability of Iran imposing transit fees, estimated at 2.2% by the end of August and 38.5% by December 2026.
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