Oil Tanker Rates Hit Record Highs Following Iran, US Shipping Attacks

LONDON, Sept 11 (Reuters) – The cost of shipping oil in the largest tankers hit record highs this week following the biggest wave of attacks on shipping since the U.S.-Iran war began in late February.

The shipping rate for supertankers – also called very large crude carriers or VLCCs – loading oil from the Gulf of Oman for shipment to China reached around 450 on a Worldscale basis, equaling roughly $11.50 per barrel, according to Baltic Exchange data. This is the highest since the rate was launched earlier this year, after the start of the U.S.-Israeli war with Iran.

The spike in rates shows how