{
  "id": 8462575,
  "title": "Iran war sends oil tanker rates past $1 million a day: Who is paying the bill and who is making money?",
  "url": "https://urgent.news/2026/09/19/iran-war-sends-oil-tanker-rates-past-1-million-a-day-who-is-paying",
  "topic": "business",
  "section": "Business",
  "published": "2026-09-19T13:02:38.000Z",
  "source": {
    "name": "Live Mint",
    "slug": "live-mint",
    "url": "https://www.livemint.com/news/world/iran-war-sends-oil-tanker-rates-past-1-million-a-day-who-is-paying-the-bill-and-who-is-making-money-11789819050960.html"
  },
  "original_language": "en",
  "account": "The ongoing war in Iran has caused oil tanker rates to surpass $1 million per day as the risks and urgency of transporting crude through the Strait of Hormuz increase. According to Baltic Exchange data, the cost of hiring a large crude carrier to transport oil from the Persian Gulf to China has reached $1.035 million per day, a first-time record, exceeding the previous daily cost of $208,000. The surge in rates is attributed to the heightened risk and the need to move restricted supplies as crude prices have climbed above $100 per barrel again. Insurance premiums for vessels have also skyrocketed, with premiums now accounting for around 10% of the assets aboard, up from a mere 0.5% to 1% prior to the war. These higher costs are being passed on to charterers, who are facing more expensive shipping along with higher crude costs. Shipping companies, however, are reaping the benefits of the extraordinary rates, with Clarksons, the world's largest shipbroker, reporting record earnings in the latest quarter. The pressure on refinery margins and the eventual impact on consumers is expected as they grapple with more expensive shipping and higher crude costs. The shipping industry is benefiting from the geopolitical instability, with investors in shipping-focused ETFs experiencing significant gains.",
  "summary": "Oil tankers in the Strait of Hormuz are now earning over $1 million daily due to heightened risks from the Iran war, with shipping costs skyrocketing from $208,000.",
  "key_points": [
    "Iran war increases oil tanker rates to $1.035 million daily, record high",
    "Insurance premiums for vessels rise 10% of assets, from 0.5%-1% pre-war",
    "Shipping companies profit from geopolitical instability, record earnings reported"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}