Oil Tankers Profit Amid Uncertainty From Iran Conflict

WHO:

Fortune - Ioannis Papadimitriou, principal freight analyst at Vortexa

Fortune - Andi Case, CEO of Clarksons, the world’s largest shipbroker

BBC - JP Morgan

WHAT:

Fortune - The cost for a vessel to haul oil from the Persian Gulf to China reached $1.035 million per day.

Fortune - A similar large crude carrier transiting from the Persian Gulf cost about $208,000 per day.

Fortune - Diesel prices topped $6 for the first time, 60% higher than before the Iran war.

Fortune - The Breakwave Tanker Shipping ETF (BWET) is up more than 3,600% year to date.

BBC - JP Morgan struggled to forecast oil prices due to the conflict.

WHERE:

Fortune - Strait of Hormuz

Fortune - Persian Gulf

BBC - Strait of Hormuz shipping lane

WHEN:

Fortune - The Iran war is in its seventh month.

BBC - JP Morgan assumed a deal would have been struck to open up the Strait of Hormuz shipping lane back in June.

WHY:

Fortune - Increased shipping costs are a byproduct of dangers associated with crossing the Strait of Hormuz and the increased necessity for oil exports.

Fortune - The geopolitical risk and tit-for-tat attacks from the U.S. and Iran are driving up cargo shipping costs.

Fortune - Increased demand has encouraged market consolidation in the maritime shipping market.

HOW:

Fortune - Insurance premiums for vessels have increased to about 10% of the assets aboard, up from 0.5% to 1% prior to the war.

Fortune - Shipping companies are able to charge premiums for their vessels and transportation services due to increased demand.

(UPDATED September 19, 2026 12:58 UTC)

The cost for a vessel to haul oil from the Persian Gulf to China has skyrocketed to $1.035 million per day, while a large crude carrier transiting from the same region now costs about $208,000 daily. This surge in shipping expenses is largely driven by the dangers of crossing the Strait of Hormuz, where geopolitical tensions have led to increased insurance premiums and a significant rise in diesel prices, which have topped $6 for the first time, reflecting a 60% increase since the onset of the Iran war. Meanwhile, the Breakwave Tanker Shipping ETF has seen a staggering rise of more than 3,600% year to date, as shipping companies capitalize on heightened demand and market consolidation in the maritime sector.