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Iran attacks push VLCC freight rates to record 450 Worldscale

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Story summary
  • Iran’s attacks on shipping pushed VLCC freight rates to a record 450 Worldscale ($11.50 per barrel).
  • U.S. forces sank five Iranian tankers before the IRGC struck ten ships near the Strait of Hormuz.
  • Iran-aligned Houthi forces captured Perim Island at the Bab el-Mandeb Strait on Friday.
  • Vortexa analyst Ioannis Papadimitriou said U.S.–Iran naval clashes are driving Gulf freight rates higher.