Ship shortages and record rates: how the war in the Middle East is driving up oil transport prices

Chartering an oil tanker from the U.S. to China now costs more than launching a rocket into space, with total expenses around $80 million. This reflects a historic surge in maritime transport costs amid ongoing disruptions from the Middle East conflict. The daily rental price for a Very Large Crude Carrier has surpassed $1.4 million, and transport costs have reached $37 per barrel, compared to just $1 to $3 per barrel in the decade before the war.