Middle Eastern oil producers are scrambling to secure their own shipping capacity as the Strait of Hormuz crisis drives tanker prices and charter rates to record highs.

A fund that allows investors to bet on crude oil freight rates has surged more than 2,000 percent since the start of year

Gulf oil producers boost tanker demand, raising vessel prices. Crude oil to reach a new all-time high by December 31 at 13.5% YES.