Middle East-to-China tanker rates hit a five-year high in late November 2025 due to shifting crude flows after U.S. sanctions on Russian oil.

Supertanker rates from the Middle East to China hit a five-year high of $137,000 per day in late November 2025, a 576% rise from January, driven by increased demand as Asian buyers replaced Russian crude following new U.S. sanctions on Rosneft and Lukoil. Global oil in transit reached 1.2 billion barrels, the highest since 2016, with rising floating storage in Asia and Iran. Tight shipping capacity, fueled by shifting crude flows and vessel reassignments, pushed VLCC and smaller tanker rates to multi-year highs.