Persian Gulf tanker rates top $1 million a day for first time

The cost of hiring an oil tanker on the industry's benchmark Persian Gulf-to-China route surpassed $1 million a day for the first time, with vessels booked at $1.035 million a day according to the Baltic Exchange in London, as the Iran war leaves too few ships willing to cross the Strait of Hormuz to load cargoes.

Why this matters. The record freight rate is a direct, tradable signal that war-related shipping risk in Hormuz is now pricing into global oil logistics costs, adding pressure on crude supply chains beyond the strait itself.