Global shipping costs have surged due to the Middle East crisis, CNBC reported, citing sources. A supertanker was recently chartered to transport oil from the U.S. Gulf Coast to China for $76 million, 10 times the pre-conflict rate of $7 million to $10 million. The tanker, named Alexandros, was chartered by trading firm Trafigura and is expected to load around November 19. Based on its capacity of 2 million barrels, the shipping cost amounts to $38 per barrel. The Persian Gulf conflict has led to a shortage of available tankers, and Middle Eastern oil producers are using a shuttle system to export oil through the Strait of Hormuz, which requires more vessels for crude oil transport.