Oil tanker rates have soared since the US and Iran announced the memorandum of understanding as oil importers scramble to charter vessels to pick up Persian Gulf cargoes in the hope these can transit the tentatively reopening Strait of Hormuz

Two crude tankers with just under 2 million barrels of oil sailed through the Strait of Hormuz on Monday, ship tracking data showed, in a sign that traffic

According to Reuters, the cost of hiring a tanker in the Gulf has nearly doubled in just a week, jumping from around $106,000 per day to more than $190,000 per day.