Daily rates for oil supertankers near the Strait of Hormuz are approaching $1 million, The Wall Street Journal reported, citing a shortage of available vessels following drone strikes on Saudi Arabia's East-West pipeline and increased activity by Iran. Tankers are rerouting around the Cape of Good Hope, leading to longer journeys that have occupied about 15% of the global supertanker fleet.

The cost of shipping a barrel has reached $26, a quarter of the oil price itself. The average daily earnings for a vessel are now $651,000, nearly double the rate from a week ago.