Earnings for ships on the world's benchmark oil tanker route approached $650,000 a day as the Iran war and a bold bet by a South Korean tycoon continue to reshape how barrels are transported across the globe. Ships hauling cargoes from Saudi Arabia to China were pulling in a record $647,000 a day on Thursday, more than ten times the rate a year earlier, according to Baltic Exchange data.

There are signs that export volumes within the Persian Gulf are rising, adding to the clamor for ships to pick up oil inside the Strait of Hormuz. Few shipowners are willing to risk that hazardous journey, which means owners are demanding huge premiums.

By Alex Longley and Archie Hunter, the report highlights how ongoing geopolitical conflict in the Iran war zone is upending global shipping economics, rewarding tanker operators willing to take on risk in one of the world's most volatile energy corridors.