The collapse in Strait of Hormuz shipping has produced extraordinary gains for a small group of U.S.-listed shipping ETFs and pushed crude-tanker rates to unprecedented levels in 2026. Seven ships crossed the strait on September 10, compared with roughly 125 a day before the war. Breakwave Tanker Shipping ETF (BWET) rose more than 3,200% this year and traded near $781.92 on Monday, versus a 52-week low of $13.58, while Gulf-to-China very large crude carrier (VLCC) rates reached $1,035,000 per day on the 14th, the first time a major crude route exceeded $1 million. Avoidance of Hormuz has reduced available tanker capacity, increased ship-to-ship transfers and extended voyages, while some vessels rerouted around Africa after attacks by Yemen's Houthi rebels. Breakwave Dry Bulk (BDRY) rose about 95% over the past year, SonicShares Global Shipping (BOAT) gained 69% and US Global Sea to Sky Cargo (SEA) rose 45%. BWET and BDRY hold freight futures, making them more directly sensitive to rate spikes, whereas BOAT and SEA hold shipping companies including Frontline and Maersk. Market observers expect elevated rates to persist while geopolitical tensions continue, although normalization in Hormuz would pressure freight futures.