Oil Shipping Costs Explode to $254,000 a Day Amid Escalating War
Oil tanker freight rates have surged to record levels amid the ongoing war, with daily charges reaching $254,050, according to … Read More The post Oil Shipping Costs Explode to $254,000 a Day Amid Escalating War appeared first on ProPakistani .
Oil shipping costs have skyrocketed to a record $254,000 per day due to the escalating war, according to data from Topline Securities, utilizing Bloomberg figures. Prior to 2026, freight rates had remained relatively stable, fluctuating between $20,000 and $50,000 daily from 2022 to 2025. However, in 2026, rates jumped significantly, peaking at $280,000 per day for an 80,000-deadweight-ton Aframax tanker traveling from the Middle East Gulf to Far East route, as per Galbraith’s time charter equivalent (TCE) figures.
The surge in costs is primarily attributed to the intensifying attacks on commercial shipping in the Strait of Hormuz, with Reuters reporting 28 confirmed and reported attacks in October, marking it as the worst month on record according to data from the Washington Institute for Near East Policy.
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