The Financial Times reported that the cost of chartering very large oil tankers has surged to a record high, exceeding $1.2 million per day on routes between the Middle East and Asia. The report attributes this increase to disruptions in shipping caused by the conflict with Iran, leading to a severe shortage of tankers.

The conflict with Iran is cited as the cause for the disruption in shipping and the sharp decrease in available tankers, driving up charter costs to unprecedented levels.