Oil tanker shortages are creating a new supply gap in energy markets amid the Iran war. According to Sina Finance, drone strikes earlier this month shut down Saudi Arabia's bypass oil pipeline, forcing large volumes of crude to be shipped again through the Strait of Hormuz and adding pressure to an already tight tanker fleet.

The impact has spread globally, with longer voyages around the Strait of Hormuz and transshipment tying up more vessels and pushing up daily tanker charter rates. According to Sina Finance, fewer available tankers have reduced oil transport efficiency, while shipping costs remain at historic highs and are squeezing refinery margins. Even if international crude prices fall, fuel prices still face the risk of staying elevated.

Very large crude carrier supply has tightened sharply, and the cost of transporting crude through the Strait of Hormuz has hit a record high. According to Sina Finance, data from maritime intelligence firm Vortexa showed that earlier this month, supertankers loading in the Persian Gulf and crossing the Strait of Hormuz surpassed $1 million a day in charter rates. That works out to $26 in shipping costs per barrel of crude, about one-quarter of current crude market value.

The Iran war and the conflict in Ukraine have reduced crude exports from Russia and the Persian Gulf region, and there are even calls for the United States to ban crude exports.