Freight futures prices for Very Large Crude Carriers (VLCCs) have surged by 85%, according to shipping intelligence firm Kpler. This increase is attributed to heightened uncertainty in the Strait of Hormuz. According to NS3.AI, the spot freight rate from the Middle East to China has nearly doubled, driven by restricted vessel passage and elevated risk premiums. Approximately 6% of the global tanker fleet is currently trapped in the Gulf, which is limiting crude cargo loading. This situation is boosting tanker demand in other regions, including the U.S. Gulf Coast and India.