Fears over Israel’s conflict with Iran and its proxies in the Middle East have sent tanker rates skywards.

The Baltic Exchange’s suezmax time charter equivalent assessment shot up nearly 21% to $29,329 per day on Wednesday, while the aframax reading went even higher: 49.6% to $34,379 per day.

Iran closure of Hormuz Strait would be even worse for tanker shipping than Red Sea crisis
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Clarksons analyst Frode Morkedal said: “Rising tensions in the Middle East, combined with higher oil prices, may boost shipping activity.