Freight rates for supertankers topped $1.4 million per day on the Gulf-to-East Asia route, a 40% jump in the first week of October alone, according to data compiled by Bloomberg and cited by OilPrice.

Ship-to-ship transfers in the Gulf of Oman tie up the tankers for weeks waiting outside the Strait of Hormuz, tightening the supply of Very Large Crude Carrier (VLCC) vessels and also pressuring Suezmax and Aframax ships, according to OilPrice.