Tanker freight rates have reached a record as restrictions on shipping through the Strait of Hormuz reduce the number of available vessels. Ship traffic through the strait has fallen by more than 80% since the war between the US and Iran began on Feb. 28, Walter Bloomberg reported on August 31, citing S&P Global Energy. The waterway normally carries about 20% of global seaborne crude oil and liquefied natural gas shipments. The prolonged disruption has tightened tanker availability, lifting the benchmark rate for LR2 tankers traveling from the Middle East Gulf to Japan to a record $107.72 a ton on August 27.