Soaring demand for oil tankers to shuttle oil out of the Gulf has pushed vessel prices to record highs as Middle Eastern countries seek ways to export cargoes amid ongoing ship strikes. The cost of both new-build and modern second-hand ships in the largest tanker class has exceeded $130mn in the last quarter—the highest since 2008, according to shipbroker Braemar. Oil-exporting nations are driving prices by securing their own fleets, particularly for second-hand ships and charters. "Physical control of assets is also important for some exporters in the Middle East," said David Holland of Braemar.

Producers like Iraq, lacking their own vessels, have offered deeper discounts to persuade buyers to navigate the Strait of Hormuz. Meanwhile, Adnoc and Kuwait Petroleum Corp have developed shuttle systems to move oil through the strait to waiting tankers. Adnoc recently purchased six oil supertankers and five gas carriers for $1.3bn.

Iranian attacks on Adnoc ships have escalated from once every ten days to nearly daily. Other producers, including Saudi Aramco, are exploring similar strategies, with Saudi shipping company Bahri expanding its fleet to 107 vessels. Only 29 tankers account for over 50% of Hormuz traffic, with South Korean operator Sinokor leading the market.