The cost of moving crude oil through the world’s most important shipping corridor just broke every record in the book. Very Large Crude Carriers, the supertankers that haul roughly two million barrels apiece, are now commanding rates of approximately 450 Worldscale points on the benchmark Gulf of Oman-to-China route. That translates to around $11.50 per barrel, a figure that would have seemed absurd six months ago.
The spike, recorded in the week ending September 11, 2026, represents the highest level since the VLCC freight index launched earlier this year. It was triggered by what the shipping industry is calling the largest wave of attacks on commercial vessels since the US-Iran conflict erupted in late February.
A week of chaos in the Strait of Hormuz
On September 9 and 10, Iran launched strikes on 10 ships operating near the Strait of Hormuz. That narrow waterway, roughly 21 miles across at its tightest point, is the bottleneck through which a massive share of the world’s seaborne oil passes every day.
The US responded by sinking five Iranian oil tankers after what it described as missile attempts on a US Navy warship. In the span of 48 hours, the world’s most critical maritime chokepoint went from tense to nearly impassable.
