Iran reopens Hormuz after temporary US ceasefire, tanker prices jump
Tanker prices in the Gulf just shot up after Iran reopened the Strait of Hormuz, thanks to a temporary ceasefire with the US.
While ships are moving again through this vital route, traffic is still way below normal levels, so things aren't fully back to business yet.
Inside Gulf rates near $470,000
With Middle Eastern oil producers ramping up exports, there aren't enough tankers to go around.
This has pushed daily rates for big carriers inside the Gulf up to nearly $470,000 (a jump of over $50,000 from last week) and nearly doubled rates outside Hormuz.
On the plus side, war risk insurance fees have dropped from around 5% to around 3%, saving shippers some cash even as about 100 tankers remain stuck in the Gulf.
Brent crude hits $76.34 per barrel
Even though shipping costs are climbing, Brent crude prices have actually fallen lately, hitting $76.34 per barrel and nearing four-month lows.