Oil Tanker Rates Top $1 Million a Day as Hormuz War Squeezes Fleet

By Alex Longley (Bloomberg) — The cost of hiring an oil tanker on the industry’s benchmark trade route topped $1 million a day for the first time, as the Iran war leaves too few ships willing to cross the Strait of Hormuz to collect cargoes. 

Vessels hauling oil from inside the Persian Gulf to China were being hired at $1.035 million a day, according to data from the Baltic Exchange in London on Monday. The benchmark route has become less relevant during the war because the main means of exporting Persian Gulf oil has shifted to shuttling barrels through Hormuz