A six-month high in Middle East exports lit the fire under VLCC rates last week with the latest rhetoric in the oil market offering further good news for owners.

Spot rates surged 58% week on week to $76,000 per day backed by strong Middle East chartering activity, according to Fotis Giannakoulis of Morgan Stanley.

The week ended with Saudi Arabia’s deputy crown prince Mohammed bin Salman telling Bloomberg his country would only support a production freeze should Iran join the party, pushing the price of oil down once again.

Giannakoulis