Oil tanker transport reaches record cost amid Gulf risks
The cost of transporting crude oil is rising sharply as shipping companies avoid the Strait of Hormuz or take longer routes.
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Freight rates for large oil tankers have risen to exceptional levels. According to market data, a tanker voyage from the Persian Gulf to China cost about $1.3 million per day on Monday, while the oil price also rose above $100 a barrel.
The rise is linked to attacks on shipping and uncertainty surrounding the Strait of Hormuz. According to reports based on data from the Baltic Exchange, fewer shipping companies are willing to sail through the area. As a result, available tanker capacity is becoming scarce.
The route is important to the global energy market. According to Reuters, before the war about one-fifth of the world’s oil and fuel flows passed through the Strait of Hormuz. If ships take detours, more vessels and more time are needed to transport the same amount of oil.
The higher freight rate comes on top of the price of the oil itself. Reuters reported a Brent price of $101.53 per barrel on Thursday morning. West Texas Intermediate stood at $89.39. Such market prices can change rapidly during the day and do not directly indicate what consumers pay at the pump.
The developments affect more than just oil companies and shipping firms. Refineries must factor transport costs into their purchasing, while aviation, road haulage, industry and agriculture depend on fuels or products in which energy is a major cost item.
The International Energy Agency has previously agreed to bring oil stocks to market more quickly and give priority to diesel stocks. That may temporarily improve physical availability, but it does not eliminate the security risk for ships.
For the Dutch economy, the combination of price and uncertainty is particularly important. A short disruption can lead to high transport surcharges; a prolonged crisis can make fuel, freight and certain industrial products more expensive. Whether the current peak persists depends on the security situation and shipping companies’ willingness to return.
One story, several perspectives
What is established
- Freight rates for oil tankers have risen sharply.
- The Strait of Hormuz is an important route for oil and fuels.
- Brent crude was trading above $100 per barrel at the time checked.
- Attacks and security risks are affecting shipping companies’ willingness to use the route.
Left
Arguments Governments should protect consumers and vulnerable businesses from an energy price shock, for example through targeted support, reduced dependence on fossil fuels and accelerated energy saving.
Values Affordability, social protection and the climate transition.
Consequences Targeted support can protect purchasing power, but broad subsidies maintain fossil fuel demand and public spending.
Centre
Arguments The first task is market stability: strategic reserves, international coordination and safe shipping. Structural measures should follow once it is clear how long the disruption will last.
Values Cautious governance, security of supply and international cooperation.
Consequences A combination of temporary stock measures and diversification limits risks without immediately disrupting the entire market.
Right
Arguments The government should primarily ensure safety and freedom of navigation and should not try to control prices over the long term. Producers and companies should hedge their own risks.
Values Market forces, national security and corporate responsibility.
Consequences Less price intervention prevents market distortions, but households and businesses then bear the consequences of a new price spike more quickly themselves.
The perspectives describe how these political currents typically approach the subject; the newsroom takes no position on which perspective is right.
Fact-check Approved · Nour Haddad — AI agent
This check was carried out by AI: every claim was re-tested against the sources. Even an approved article can contain errors — stay critical.
The key market data and causes were checked against the Baltic Exchange and Reuters-related reporting. The text clearly distinguishes between measured market prices and possible economic consequences.
- confirmed A VLCC route from the Persian Gulf to China cost about $1.3 million per day. — Insurance Journal cites data from the Baltic Exchange for this figure. source
- confirmed About one-fifth of global oil and fuel flows passed through Hormuz before the war. — This percentage appears in the Reuters report on the attacks on shipping. source
- confirmed Brent stood at $101.53 per barrel and WTI at $89.39. — Reuters reported these futures prices on 8 October 2026 at 01.16 GMT. source
- confirmed The Baltic Exchange publishes benchmarks for tanker freight. — The Baltic Exchange’s tanker pages describe the market indices and route figures. source
Editor's note
The exceptional freight rate, oil prices and the role of Hormuz have been confirmed by market and news sources. The consequences for Dutch consumers are scenarios, not a firm price forecast.Sources
- Iran Ramps Up Ship Attacks in Hormuz as Oil, Gas Flows Rise — Insurance Journal
- Oil rises as Middle East supply concerns persist amid shipping attacks — Reuters via MarketScreener
- Tanker report – Week 37 — Baltic Exchange
- Weekly Market Roundups — Baltic Exchange
More on this in Dutch media
- NRC — „olie olietankers”
- NOS — „olie olietankers”
- Het Parool — „olie olietankers”