Baltic Exchange: Hormuz tanker rate tops $1M/day for first time

This is a scarcity signal, not a demand story: the benchmark rate is being set by vessels declining to transit Hormuz rather than by cargo owners bidding up freight. The immediate read-through is to insurance and war-risk premia, which determine whether that refusal persists, and to refiners and buyers dependent on Gulf crude, who face either higher delivered costs or longer alternative routes. Whether the $1M/day level holds or proves a spike rests on how quickly owners judge the transit risk acceptable — that, rather than the headline number, is the open question.