Strait of Hormuz Tanker Freight Rates Hit Record $1.3 Million Daily Amid Escalating Attacks

Crude tanker freight rates transiting the Strait of Hormuz have reached a record $1.3 million per day, up from $20,000 to $50,000 per day last year, as operators confront intensifying security threats. While export flows recently accelerated at their fastest pace since hostilities began, Hormuz oil transit volumes remain roughly one-third below pre-conflict levels following 93 strikes on commercial ships and 24 sailor fatalities. To maintain operations, shippers are offering captains up to $100,000 monthly plus $50,000 per-trip bonuses, while war-risk insurance premiums have surged to 6 to 10 percent of hull value.