The Iran war has created a shortage of crude tankers alongside disruptions to oil supply, driving charter rates to records. Hiring a very large crude carrier, or VLCC, for a Persian Gulf voyage through the Strait of Hormuz topped $1 million a day earlier this month, according to maritime-intelligence firm Windward as reported by The Wall Street Journal. Shipping at that rate adds about $26 to each barrel, nearly one-quarter of its open-market value. Drone strikes that knocked out Saudi Arabia's bypass pipeline redirected crude through Hormuz, while longer voyages and shuttle operations around the strait tied up vessels. The resulting freight-cost surge is squeezing refiners' margins and could keep fuel prices elevated even if crude prices decline. Operators remained reluctant to resume normal transit after a U.S.-Iran peace framework announced in June, with industry groups warning about uncleared mines and uncertainty over transit governance. Before the conflict, Hormuz carried close to 20% of global seaborne oil and liquefied natural gas flows. Iran said it struck an oil tanker attempting to pass through the strait last Thursday night.