According to data from the Baltic Exchange, the freight rate for Very Large Crude Carriers (VLCCs) from the Gulf of Oman in the Middle East to China surged to around Worldscale 450 this week, which is 4.5 times the normal benchmark rate, translating to approximately $11.50 per barrel. This marks the highest record since the route's inception. Ioannis Papadimitriou, an analyst at energy data firm Vortexa, noted that the ongoing exchanges of fire between the US Navy and Iran continue to push Gulf region freight rates to new highs. Houthi forces released a video statement on September 11, claiming a large-scale offensive against "Saudi-backed forces" on Yemen's west coast since September 3, and the capture of the Red Sea port city of Mocha. This has significantly impacted shipping through the Bab el-Mandeb Strait, with only six vessels passing through the strait on September 10, a sharp drop from the approximately 30 vessels in previous days. Analysts point out that the expanding risk premium in the Middle East has led shipowners to avoid high-risk routes, causing a global redistribution of shipping capacity. This has driven freight rates on other major routes, such as West Africa to Asia, to new historical highs, exacerb exacerbating global inflationary pressures.