The impact on freight rates has been dramatic, particularly for very large crude carriers (VLCCs) and LNG tankers:<\/p>\n
- \n
- The benchmark freight rate for VLCCs shipping 2 million barrels of oil from the Middle East to China (TD3) reached an all-time high of W419 on the Worldscale measure, equivalent to $423,736 per day, according to LSEG data.<\/li>\n
- The rate doubled from Friday, extending gains from a six-year high after the U.S. and Israel struck Iran, resulting in the death of Supreme Leader Ayatollah Khamenei<\/a>.<\/li>\n
- Daily freight rates for LNG tankers surged more than 40% on Monday after Qatar halted production, with Atlantic rates rising to $61,500 per day (up 43%) and Pacific rates climbing to $41,000 per day (up 45%), according to Spark Commodities.<\/li>\n<\/ul>\n
The spike in shipping costs underscores the vulnerability of global energy supply chains to geopolitical tensions in the Middle East.<\/p>\n
More Insights <\/strong><\/h4>\n
Iran\u2019s actions have further heightened market uncertainty:<\/p>\n
- \n
- An Iranian Revolutionary Guards senior official claimed on Monday that the Strait of Hormuz is closed and warned that any ship attempting passage would be fired upon, according to Iranian media.<\/li>\n
- The U.S. military\u2019s Central Command, however, stated that the Strait is not closed, as reported by Fox News.<\/li>\n
- In retaliation, Iran has struck Gulf countries, prompting precautionary shutdowns at oil and gas facilities across the region.<\/li>\n<\/ul>\n
These developments have amplified concerns over supply disruptions, pushing freight rates and commodity prices higher.<\/p>\n
What you should know <\/strong><\/h4>\n
The rising international shipping and crude prices are already impacting downstream markets, including Nigeria:<\/p>\n
- \n
- Dangote Petroleum Refinery has increased its Premium Motor Spirit (PMS) gantry price by N101, raising the ex-depot rate from N774 to N875 per litre.<\/li>\n
- The refinery confirmed the adjustment followed recent volatility in global crude oil prices, which surged past $80 per barrel.<\/li>\n<\/ul>\n
Petrol loading operations at the refinery were suspended effective midnight on March 2, 2026, as a precautionary response to the spike in crude oil prices.<\/p>\n
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<\/a><\/strong> <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"
… natural gas (LNG). Shipping<\/span> through the Strait of … : The benchmark freight<\/span> rate for VLCCs shipping<\/span> 2 million barrels … Commodities. The spike in shipping<\/span> costs underscores the vulnerability … know\u00c2\u00a0 The rising international shipping<\/span> and crude prices are …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-109349","post","type-post","status-publish","format-standard","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/posts\/109349","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/comments?post=109349"}],"version-history":[{"count":0,"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/posts\/109349\/revisions"}],"wp:attachment":[{"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/media?parent=109349"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/categories?post=109349"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/tags?post=109349"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
- Daily freight rates for LNG tankers surged more than 40% on Monday after Qatar halted production, with Atlantic rates rising to $61,500 per day (up 43%) and Pacific rates climbing to $41,000 per day (up 45%), according to Spark Commodities.<\/li>\n<\/ul>\n