The global oil shipping industry achieved a record first-quarter profit of $3.6 billion, fueled by the conflict that erupted in February and Iran's blockade of the Strait of Hormuz. This blockade left over 160 tankers stranded in the Persian Gulf, causing daily charter rates for large tankers to skyrocket to $386,685. As negotiations between the U.S. and Iran progress towards reopening the crucial waterway, tanker owners are bracing for a potential market downturn. Although daily rates have decreased to between $55,000 and $95,000, they remain above the historical average of $30,000–$40,000, reflecting ongoing market volatility.