Oil tanker rates for very large crude carriers from the Middle East to Asia have hit record highs as the Strait of Hormuz remains effectively closed, according to the EIA. The virtual closure stems from physical risks to vessels and soaring war-risk insurance costs, creating a backup of loaded ships in the Persian Gulf.

Tanker rates from the Americas, especially the U.S. Gulf Coast, have also reached record levels due to high crude demand and limited vessel availability. The crisis has tightened global tanker capacity as ships remain trapped in the region. Meanwhile, oil futures recovered from overnight losses after President Trump extended the deadline for potential Iranian strikes.

WTI crude climbed 2.6% to $96.94 per barrel while Brent rose 2.5% to $110.67, though both benchmarks remain lower for the week amid cautious market sentiment. Apollo's Torsten Slok predicts a 4-6 week period of volatility before markets stabilize, citing strong consumer spending and travel data that show no signs of demand destruction.