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Tankers passing Strait of Hormuz cost over a million
The cost to rent oil tankers to traverse the Strait of Hormuz has exceeded one million dollars for the first time, amid a decline in maritime traffic through the strait due to military escalation and regional attacks. The daily cost to rent an oil tanker from the Gulf to China has reached $1.03 million, the highest recorded level, reflecting a shortage of available vessels to pass through the strait amidst the conflict with Iran. Data also indicate a decrease in the number of ships crossing the strait to just four vessels on Monday, down from around 125 ships daily prior to the recent tensions, impacting global oil supplies.
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