Oil shipping costs have surged as the escalating U.S.-Iran conflict, Strait of Hormuz risks and infrastructure disruptions reduce tanker availability and force crude cargoes onto longer routes. Freight for Middle East Gulf-to-China shipments has reached about $24 a barrel, while transporting 2 million barrels from West Africa to China has cost as much as $23.59 a barrel and Houston-to-Asia cargoes carry a premium of roughly $26 a barrel. Very large crude carriers are earning more than $1 million a day on Persian Gulf routes, with reported rates of $1.035 million or higher, while one U.S. Gulf-to-China voyage cost $44.8 million. The freight shock is raising delivered crude costs, compressing refinery margins and prompting Asian buyers to seek supplies from West Africa, the Americas, Alaska and other regions.