VLCC tanker rates pass $1 million a day for the first time
Brent's physical spot price trades above $135 a barrel as the six-month calendar spread widens past $20
Published
Chart: USO, a fund that tracks crude, daily closes either side
The Middle East-to-Asia VLCC benchmark rate has topped $1 million a day for the first time, up from under $100,000 a year ago. The move coincides with the halt of the East-West Petroline, though the size of the jump goes well beyond that disruption.
Brent's physical spot price, the Forties grade, is trading above $135 a barrel. The six-month calendar spread has widened past $20, a level traders read as pricing a severe near-term shortage.
The rate spike comes as Trump's claimed energy truce shows signs of strain. Ukraine struck the Syzran refinery overnight despite the stated agreement. Oman and Secretary of State Marco Rubio held a call aimed at de-escalation. Europe's gas price is trading near its highest level since 2022.
For anyone holding tanker, freight or oil exposure, the current pricing reflects a market that has moved before confirming whether the infrastructure restraint behind any truce will hold. The Syzran strike happened after the truce was claimed, and the de-escalation call has not yet produced a public outcome.