Shipping data shows a surge in activity at Saudi Arabia's Gulf terminals with a large shipment of crude oil departing on Sunday. Seven very large crude carriers (VLCCs) loaded 14 million barrels from Saudi Aramco, with Reuters satellite images placing the fleet in the vicinity of the Ras Tanura port. The operation marks a ramp up in exports passing through the Strait of Hormuz.

Charter rates for the TD3C route from Ras Tanura to Ningbo have surged to $1.2 million per day, up from a pre-war range of $40,000 to $100,000. The increase in freight costs reflects a heightened need for shuttle legs, ship-to-ship transfers and longer positioning that are currently consuming available tanker capacity.