Bloomberg wrote that the cost of renting giant oil tankers has reached a daily record of one million and 100 thousand dollars, and that a fresh inflation shock is on the way.

According to this news agency, the rent for these tankers on the Persian Gulf–to–Asia route has increased 12-fold within a few months. The 20-year average daily rate before the start of the U.S.-Israel war with the Islamic Republic was $29,900.

According to Bloomberg, the cost of shipping each barrel of oil from within Hormuz to Asia is now more than $22, whereas a year ago this figure was about $2.

The article says that detour routes around war disruptions—from Japan’s purchase of U.S. oil to ship-to-ship transfers—have increased demand for tankers, and that the global economy is paying the price for this situation.