Tanker charter rates hit record highs as Middle East risk intensifies

Tanker freight costs have reached record levels. For West Malaysia businesses with energy-linked cargo, this is a signal to monitor shipping and insurance costs—not confirmation that local freight rates have increased.

The pricing signal: about US$11.50 per barrel

Reuters reported on 11 September 2026 that the Gulf of Oman–China very large crude carrier (VLCC) rate reached around Worldscale 450, equivalent to about US$11.50 per barrel. Reuters described it as the highest since the route was introduced earlier in 2026.

The increase followed the latest escalation in attacks on shipping. Reuters said higher Middle East risk is reducing the number of tankers willing to operate in the region. This update concerns tanker charter pricing and availability, not the number of vessels transiting the Strait of Hormuz.

Longer tanker routes add cost

AP separately reported on 11 September that security pressure around Bab el-Mandeb is forcing some Saudi oil shipments onto longer, more expensive routes. Tanker charter costs in some cases exceeded US$100,000 per day. That is not a rate applicable to every vessel or route.

What West Malaysia businesses should monitor

Importers, manufacturers and forwarders with energy-linked cargo should monitor ocean freight quotations, war-risk insurance and fuel-related surcharges closely. These are Backhaul Connect's practical considerations, not recommendations attributed to Reuters or AP.

Neither report confirms a direct Port Klang, Westports, Northport or Malaysia-specific freight-rate increase. Do not treat the tanker figures as a local container-freight or road-haulage tariff.