Middle East oil shipping costs surge to all-time high as US-Iran conflict intensifies
Reuters03-03 07:43
Middle East oil shipping costs surge to all-time high as US-Iran conflict intensifies
SINGAPORE, March 3 (Reuters) - The cost of hiring a supertanker to ship oil from the Middle East to China surged to an all-time high of over $400,000 a day as the U.S.-Iran conflict intensifies with Tehran targeting ships passing through the Strait of Hormuz, LSEG data showed.
The benchmark freight rate for very large crude carriers (VLCCs) on the route, also known as TD3, rose to W419 on the Worldscale industry measure used to calculate freight rates, as of Monday, or $423,736 per day, LSEG data showed. DFRT-ME-CN
(Reporting by Florence Tan; Editing by Chris Reese)
((Florence.Tan@thomsonreuters.com;))
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