Oil supertankers in Gulf are renting for $500,000 per day: Report

Oil supertankers in the Gulf are being rented for a staggering $500,000 per day, according to a recent report. This surge in rental rates is a sign of high demand for vessels to navigate the Strait of Hormuz as fighting rages in the region. With alternative routes causing a shortage of shipping supply, some shipowners are willing to take the risk to profit from the situation.

The Breakwave Tanker Shipping ETF, a fund that bets on crude oil freight rates, has surged more than 2,000 percent since the beginning of the year. This increase is attributed to the ongoing conflict in the Middle East, with investors betting on the continued openness of the Strait of Hormuz. The UAE has been exporting millions of barrels of oil to Asian customers despite the ongoing hostilities.