Oil tanker costs hit record $1.2mn a day as Iran war disrupts shipping

The escalating costs to transport oil have surged to an unprecedented $1.2 million per day due to disruptions in shipping caused by tensions between Iran and other nations. The scarcity of the largest supertankers has led to a more than doubling of rates on crucial routes connecting the Middle East to China since late August. This situation highlights the vulnerability of global supply chains to geopolitical conflicts, with significant implications for both energy markets and global trade.