Oil tanker freight rates have surged to record levels amid the ongoing war, with daily charges reaching $254,050, according to data from Topline Securities based on Bloomberg figures.
The chart shows freight rates rising sharply in 2026 after remaining mostly between $20,000 and $50,000 per day through much of 2022 to 2025.
Data from Galbraith’s time charter equivalent (TCE) figures for an 80,000-deadweight-ton Aframax tanker on the Middle East Gulf to Far East route showed rates peaking at $280,000 per day.
Current rates stand at around $254,000 per day, reflecting a sharp increase in the cost of transporting oil.
The surge in tanker freight rates comes as attacks on commercial shipping around the Strait of Hormuz intensify.
Reuters reported on October 23 that 28 confirmed and reported attacks had occurred in the strait and surrounding waterways during October, making it the worst month on record, according to data compiled by the Washington Institute for Near East Policy.
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