Oil tanker rates seen staying strong into 2026

The cost of shipping oil is likely to remain high in the first half of 2026 as the global fleet ages and a rising number of vessels are hit with Western sanctions, shipping sources say, though rates could be capped in the second half. In recent weeks, the cost of shipping oil has risen to about $130,000 a day for very large crude carriers (VLCCs), thanks to high demand from OPEC and its allies. On top of that, the supply of available ships has been reduced because some vessels have been sanctioned for carrying oil from Iran, Russia and Venezuela, according to data and industry sources. The international sanctions on Russia and the diversion of shipping away from the Red Sea due to attacks by the Iran-backed Houthis have disrupted shipping routes, forcing vessels to take longer voyages to get crude to refineries, as per a report.

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