🐋 WHALE WATCH : Supertanker rates from the Persian Gulf to East Asia hit an all time high reaching nearly $1.4M per day. Thats a 540% surge since before the war. Brent oil is up roughly 40% over the same period. Shipping costs moved 13 times faster than the commodity itself. JPMorgan puts the cost of moving Middle East oil to China at $35 a barrel up from $3 in early 2026. More than 40% of the worlds supertankers are now in the Persian Gulf or within two days of it. The oil price is one number. The cost to move it is another. Both matter now.