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.
