ReportedShipping, energy & marketsPersian Gulf
Persian Gulf tanker rates top $1 million a day for first time
- Mountain Time
- Local time
- 10:24 PM in Dubai
- Where
- Persian Gulf
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 it 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.
Sources (2)
- Bloombergbloomberg.com
- gCaptain (Bloomberg)gcaptain.comPublished
Confidence: Published by a named news organization. Not yet independently confirmed. About confidence labels
Correction
- Corrected the time from 5:00 PM Dubai time, Sep 14, 2026 to 10:24 PM Dubai time, Sep 14, 2026; corrected the location from Strait of Hormuz / Persian Gulf to Persian Gulf; reclassified it from energy-market to energy-markets; updated the sourcing note; added a source: gCaptain (Bloomberg). Why and evidence