Record Tanker Rates Cripple U.S. Crude Oil Flows to Asia

The Iran war has driven tanker freight costs to record highs, with U.S. Gulf-to-China rates spiking to $80 million, ten times pre-war averages. This has eroded the economic incentive for U.S. crude exports to Asia, potentially rerouting global oil flows and tightening Asian supply. Rates have eased but remain elevated at ~$60 million, indicating sustained disruption.

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