Shipping disruption in the Strait of Hormuz has sharply raised global tanker supply-chain costs. Baltic Exchange data show VLCC charter rates to carry U.S. crude to Asia have climbed to $77 mln, versus a 2025 average of $9.2 mln. On a 2.0m bbl cargo this implies roughly $38.5/bbl in transport cost; hostilities involving Iran have altered Middle East export routes and shipping modes — flows have partly resumed but longer voyages and a reduced effective fleet are keeping freight elevated.