Brent Oil Fund Benefits as Tanker Rates Jump to $280,000
BNO•Oil tankers moving through the Strait of Hormuz are commanding up to $280,000 per day as hire costs nearly doubled this week, record highs since conflict began. Elevated shipping costs and surging tanker traffic are tightening Brent futures supply, supporting Brent Oil Fund performance despite peace-driven price pressure.
1. Surge in Tanker Hire Costs
Operators are commanding up to $280,000 per day for vessels transiting the Persian Gulf, with average hire costs nearly doubling this week as demand for secure routes spikes.
2. Increased Strait of Hormuz Traffic
Tanker movements through the Strait reached the highest levels since hostilities began, reflecting renewed confidence following a US–Iran agreement despite lingering mine threats in the central channel.
3. Impact on Brent Futures Supply
Rising shipping expenses and route congestion are constricting available Brent cargoes, underpinning futures prices and the Brent Oil Fund’s outlook even as potential peace prospects exert downward pressure.
