Oil supertanker rates in the Middle East surged to record highs after Iran pledged to close the Strait of Hormuz, a critical global energy corridor. Data from LSEG showed benchmark freight rates for Very Large Crude Carriers jumped to $423,736 per day, up more than 94 percent from Friday.
An Iranian Revolutionary Guard official claimed the strait was closed and warned vessels would be attacked.
[SISTINE]
— Sistine Research (@sistineresearch) March 3, 2026
Oil supertanker rates hit all-time high as Iran pledges to close the Strait of Hormuz
Expected Market Impact:
↑ CRUDE OIL (WTI/BRENT) Strait of Hormuz closure threat creates major supply disruption risk for ~20% of global oil transit
↑ SHIPPING/TANKER STOCKS…
U.S. Central Command disputed that assertion, according to Fox News. Insurers including Gard, Skuld, NorthStandard, and the American Club withdrew war risk coverage, prompting many shipowners to avoid the region.
Roughly one third of global seaborne crude passes through Hormuz, along with significant LNG and refined product flows, according to Argus Media.
Major carriers such as Maersk and MSC have rerouted services, raising concerns of higher energy prices and global supply chain disruptions.
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