Oil Tanker Costs Soar to Record High Amid Iran War Disruptions

The cost of hiring an oil tanker has hit a record $1.2mn a day due to disruptions in shipping caused by the Iran war, according to reports.

The Financial Times reported that this is the highest price ever paid for chartering an oil tanker, with costs increasing sharply since the US imposed sanctions on Iran in May.

Average daily rates for supertankers have risen from around $60,000 to over $150,000 per day due to the uncertainty and risk of navigating through Middle Eastern waters.