Oil tanker costs exceed rocket launches, signaling major market shift

Global oil tanker rates surged to record levels, with shipping crude from the U.S. to China costing $80 million, more than a SpaceX Falcon 9 launch. This is due to a tanker shortage and altered Hormuz trade flows.

Why it matters. Oil refiners face shrinking margins, and high freight costs could eventually curb crude trade flows, affecting global energy markets.