business ๐ข Iran conflict pushes tanker rates past $1M daily
Oil tanker rates in the Strait of Hormuz have surged past $1 million daily due to risks from the Iran war. This escalation is happening in the seventh month of the US-Iran conflict near the Persian Gulf. Transportation costs hit $1.035 million per day this week, up from about $208,000 before the war. Refiners are bearing the cost through higher shipping and crude prices, while shipping companies are seeing record profits. ๐ธ Future price hikes are expected to trickle down to consumers, impacting diesel prices significantly.