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Oil tanker freight rates saw an unprecedented surge due to heightened security risks, insurance cost spikes, and severe disruptions in key maritime transit corridors like the Strait of Hormuz. Rates on the benchmark TD3C route from the Arabian Gulf to China reached record highs of over $1 million per day on a time charter equivalent basis. Saudi Arabia's Ministry of Energy clarified that the price spikes stem strictly from geopolitical risks and maritime bottlenecks rather than state fleet acquisitions.
