Middle East oil tanker freight rates rise to over a two-year high, regional shipping risks remain high.

As tensions escalate in the Middle East, oil tanker freight rates continue to rise. After the US launched attacks on Iran over the weekend, shipowners are demanding increased fees to dock at ports in the Persian Gulf. Due to the increased fees demanded by shipowners, they are only willing to allow vessels to continue passing through the Strait of Hormuz into the Persian Gulf. Freight rates have now more than doubled since Israel first fired missiles at Iran. Multiple naval forces have issued warnings about the rising risks in regional shipping, but currently, shipping operations do not appear to be significantly affected. "This is due to the serious regional conflicts, the uncertainty of Iranian state and non-state actors, and the mixed information," JMIC said in its daily updates. "JMIC advises the shipping industry to remain vigilant in the constantly changing security environment and be prepared with plans to mitigate threats and risks."