Tanker freight rates have surged to record levels as restricted traffic through the Strait of Hormuz squeezes vessel availability, S&P Global Energy says. Ship crossings have fallen more than 80% since the U.S.-Iran war began on Feb. 28. The strait normally handles about 20% of global seaborne oil and LNG flows. The benchmark Middle East Gulf-Japan LR2 tanker rate hit a record $107.72 per metric ton on Aug. 27. 31-AUG-2026 10:55 AM ET