Iran war sends oil tanker rates past $1 million a day: Who is paying the bill and who is making money?
The cost to hire a large crude carrier from the Persian Gulf to China surged to $1.035 million per day, up from $208,000 before the US-Iran war. This spike is driven by decreased commercial traffic and increased risk, as evidenced by recent attacks on tankers. Refiners are absorbing these higher costs, impacting their margins significantly.