The cost of renting oil tankers in the Strait of Hormuz has increased 17-fold.

Under normal conditions, the daily charter cost for large oil tankers to transport cargo from the Persian Gulf to Asia ranges from $30,000 to $40,000 per day, but Bloomberg reported today that this figure has reached a historical record of $510,000 per day.

According to Bloomberg, this increase is due to heightened security risks associated with transiting the Strait of Hormuz.

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