Tanker freight rates are rising sharply as security risks around the Strait of Hormuz and the southern Red Sea, combined with limited vessel availability, increase the cost of moving crude oil.
Tanker freight rates continued to climb in reports published on October 12, 2026, as attacks on vessels and disrupted trading patterns kept the market under severe pressure. Charterers are competing for VLCC, Suezmax and Aframax tonnage, while some ships are effectively unavailable because of war-risk exposure, higher insurance requirements and route changes.
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