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CommoditiesHigh Impact•3 March 2026•

1 min read

Oil Tanker Rates Hit Record Highs as Insurers Withdraw Gulf Coverage

Map of the Middle East with fighter jets, missiles, oil barrels, gold bars, oil rigs, and stock charts under a fiery sky.

Key Facts

1Crude oil hauling rates from the Middle East to China have reached an all-time high.

2Leading maritime insurers have dropped war risk cover for vessels operating in the Persian Gulf.

Crude oil shipping rates from the Middle East to China have surged to all-time highs amid escalating regional tensions. The primary catalyst for this disruption is the ongoing conflict between the U.S. and Iran, which has destabilized key maritime corridors. In a significant move, major maritime insurers have withdrawn war risk coverage for vessels operating within the Persian Gulf. This withdrawal of insurance has created a high-risk environment, significantly increasing logistics costs for global oil exporters. Market analysts suggest that these supply chain bottlenecks are likely to exert upward pressure on Brent and WTI crude prices. Furthermore, the situation is expected to impact shipping equities as the industry grapples with unprecedented operational challenges in the Middle East.