A latest update from the US Energy Information Administration or EIA has stated that shipping rates for crude oil tankers were at multi-year highs at the end of 2025 before falling in early 2026. Rates climbed in the fall of 2025 because of increased demand for crude oil shipments, particularly from buyers in East Asia, limiting the number of vessels available for bookings. EIA analyzed several key global tanker routes for Very Large Crude Carriers (VLCCs) and Suezmax tankers, including the Persian Gulf-to-Asia route and the US Gulf Coast-to-Europe route.
In November 2025, VLCC rates for vessels leaving the Persian Gulf were the highest since summer 2020, while Suezmax rates were the highest since November 2022 for vessels traveling to the U.S. Gulf Coast (USGC) and since January 2023 for those bound for the Black Sea. Rates then fell for VLCCs and Suezmaxes on all routes in December heading into the new year. Crude oil output has been high in the Persian Gulf after an increase in production from OPEC. More crude oil production subsequently lowered prices in the region, further increasing demand for crude oil from the Persian Gulf. VLCC rates grew 118% year on year in November from the Persian Gulf to the USGC.