Middle East VLCC tanker rates reach multi-decade high due to Strait of Hormuz closure

Summary

In March 2026, VLCC tanker rates from the Middle East to Asia hit the highest levels since November 2005, following Iran's closure of the Strait of Hormuz on March 2. The closure has caused a backlog of vessels in the Persian Gulf, reducing global tanker capacity and driving rates higher. Additionally, tanker rates from the U.S. Gulf Coast also reached record highs due to increased demand and limited vessel availability.

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