Oil tanker freight costs have reached record levels as vessels avoid high-risk areas, undertake additional ship-to-ship transfers and spend longer in transit.
Oil tanker freight from the Persian Gulf and Red Sea to Asia rose to approximately $34 per barrel this week, according to a Reuters analysis published on October 15, 2026. Shippers are pricing in higher insurance costs, attack risks and longer voyages. Suezmax and Aframax rates on selected routes have risen roughly fourfold since the conflict began.
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