U.S.-Iran tensions push China-bound Gulf-of-Oman oil to $11.50 per barrel

Business Sep 11, 2026

Thanks to ongoing U.S.-Iran tensions, shipping oil from the Gulf of Oman to China just got way more expensive.

Rates have shot up to $11.50 per barrel, the highest since this pricing system started earlier in 2026.

All this is happening as military conflicts and attacks near key routes make moving oil riskier and harder.

Tanker shortages risk higher inflation

Higher shipping costs mean pricier oil for everyone, which could push up inflation and make everyday goods cost more.

After Iran claimed attacks on ships near the Strait of Hormuz (following losses of its own tankers), fewer tankers are available, so prices keep climbing, not just in the Middle East, but on other global routes too.