Oil Tanker Rates Soar to Record High Amid Iran Disruptions

Global oil tanker rates have reached a record high of $1.2 million per day on key routes in West Asia, according to a report by Braemar and cited by the Financial Times.

The sharp increase comes as tankers are rerouting and traveling significantly longer distances amid disruptions to maritime traffic in the region.

Rates for transporting crude from Brazil to China have also risen by about a third over the past week, according to Braemar.

'Freight rates have gone parabolic,' Amrita Sen, founder of consultancy Energy Aspects, said, warning that surging shipping costs could become a major pressure point for global energy markets as the cost of delivered crude in Asia approaches $150 a barrel.'