Oil prices near Iran-war highs as tanker rates surge

Oil prices: Oil prices are market prices for crude benchmarks that reflect expectations about supply, demand, geopolitics, and transportation costs. In the reported development, prices are nearing Iran-war highs as conflict-related shipping disruptions and record tanker rates raise the cost and difficulty of delivering crude. Supply risk: Disruptions around the Strait of Hormuz have tied up tankers on longer or less efficient voyages, reducing vessel availability for other oil-trading routes. Shipping costs: Global oil freight costs have risen sharply, with Middle East routes reaching levels that materially increase the delivered cost of crude and squeeze refinery margins. Market pressure: The International Energy Agency says attacks on regional energy infrastructure and tanker traffic threaten to undermine the oil market's fragile recovery.