Oil tanker rates hit record highs after Russia sanctions

Business Nov 24, 2025

US sanctions on Russia have sent oil shipping costs through the roof.
Super-sized oil tankers (VLCCs) are now charging nearly $137,000 a day—a huge 576% jump since earlier this year and the priciest rates we've seen since 2020.
Countries like India and China are scrambling for new suppliers from the Middle East and US, which is driving up demand for these ships.

Tankers switch things up as global oil flows change

With so much demand, even tankers that usually carry refined fuel are now hauling crude oil for better pay.
Suezmax vessels are stepping in on routes once dominated by VLCCs.
This big shuffle is possible thanks to more crude coming out of the US and OPEC+ countries, especially from the Middle East.