Market brief · Economy & rates

Tanker Rates Smash $1 Million a Day as Oil Shipping Crisis Deepens

The daily rate for commissioning a tanker topped $1 million for the first time in history amid a tightening supply of vessels to carry crude oil and fuels whose owners are willing to dare the Strait of Hormuz. The squeeze is adding extra costs to the price of oil for physical delivery, just as tankers become a cybersecurity target. Bloomberg reported record-high tanker rates earlier this week, noting that tankers commissioned to pick up crude from inside the Persian Gulf fetched as much as $1.035 per day, based on data from the Baltic Exchange.…