Oil tanker freight rates have climbed to record levels as renewed attacks on commercial shipping in the Middle East increase security risks and reduce the availability of vessels operating near the Strait of Hormuz.

Baltic Exchange data showed that rates for Very Large Crude Carriers (VLCCs) transporting oil from the Gulf of Oman to China reached around Worldscale 450, equivalent to approximately $11.50 per barrel. The level is the highest recorded for the route since the rate was introduced earlier this year.

The increase followed a major escalation in maritime attacks linked to the continuing U.S.-Iran conflict. Iran said its forces struck 10 vessels near the Strait of Hormuz after U.S. forces targeted Iranian oil tankers. The U.S. military has separately confirmed strikes against Iranian tankers, while regional hostilities have continued to affect commercial shipping and energy infrastructure.

Higher security risks have reduced available tanker capacity in the Gulf and increased the cost of moving crude oil to major importing markets. Freight rates on other routes, including West Africa to Asia, have also risen. The continuing disruption has raised concerns that elevated transportation costs could add further pressure to global oil and fuel prices.