Day rates for very large crude carriers on the Middle East-to-China route surged to a record above $420,000 as conflict involving Iran disrupts flows through the Strait of Hormuz, a key chokepoint for global oil shipments. Heightened geopolitical risk and tighter effective capacity have added a risk premium to crude benchmarks, underpinning recent gains in Oil – US Crude and Oil – Brent Crude.
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Over the past month, Oil – US Crude has advanced about 13.9%, and its 1-day technical reading stands at Strong Buy, pointing to firm bullish momentum. Oil – Brent Crude is up roughly 17.2% for the same period, with a similar short-term signal of Strong Buy, indicating that traders continue to price in elevated supply risk and robust near-term demand. Investors can explore more updates, prices, and analysis across global markets at Commodities.