The risks in the Hormuz Strait are intensifying, causing the rental prices of oil tankers to double.

Since Israel launched attacks on Iran last week, the rental prices of large oil tankers passing through the Strait of Hormuz have more than doubled, as ship owners are reluctant to risk using this route. Data from Clarkson Research Services shows that the rental price of a very large crude carrier from the Gulf region to China jumped from $19,998 per day last Wednesday to $47,609 per day this Wednesday. This increase in the route far exceeds the 12% increase in the Baltic Dirty Tanker Index, which measures global crude oil tanker rates during the same period. Joachim Hannisdal, founder of the shipping hedge fund management company Gersemi Asset Management, said that ship owners are waiting and expecting to "derive higher profits from higher rents in the future." Clarkson's data shows that the rental price of large long-haul oil tankers transporting refined products from the Gulf region to China rose from $21,097 per day last Wednesday to $51,879 per day this Wednesday. Richard Fulford-Smith, head of investment firm Eden Ocean, said that market sentiment is partly influenced by concerns about Iran's ability to maintain its crude oil export capacity during the conflict.