Gulf tanker rates have nearly doubled in a week as shippers race to secure vessels betting on a tentative Strait of Hormuz reopening.

Oil tanker traffic through the Strait of Hormuz saw an uptick on Monday, with four vessels carrying nearly 2 million barrels of crude navigating the crucial waterway. This follows…

Indian Oil got no bids for three tankers to fetch Gulf crude and LPG as shipowners stay wary of sailing back into the Strait of Hormuz.