A shortage of oil tankers is threatening to keep gas prices high despite falling crude prices. Record shipping rates through the Strait of Hormuz could offset any savings consumers might see from declining oil costs.

The tanker shortage has driven shipping rates to unprecedented levels, creating a bottleneck in global oil transportation. Even as crude prices ease, the elevated cost of moving oil through critical chokepoints like the Strait of Hormuz may prevent those savings from reaching consumers at the pump.

Industry analysts warn that the imbalance between available tankers and shipping demand shows little sign of resolving quickly, meaning gas prices could remain elevated even if crude oil continues to trade lower.