The cost of moving oil across the world has surged to extraordinary levels as disruptions around the Strait of Hormuz scramble traditional shipping routes, tighten tanker availability, and add another layer of expense to already elevated crude prices.
Hiring a very large crude carrier, or VLCC, to transport U.S. oil to Asia now costs about $77 million, according to Baltic Exchange data from Wednesday. That compares with an average of just $9.2 million in 2025, an increase of more than 800%.
