Global very large crude carrier (VLCC) rates have jumped to six-year highs due to two recent catalysts: first, a growing war-risk premium tied to the possibility of a US-Iran conflict, and second, ongoing consolidation in fleet ownership that is tightening vessel availability.Let's begin by noting that war-risk insurance premiums are rapidly being priced into VLCC tanker rates. The Strait of Hormuz has once again come into focus as the world's most important energy chokepoint, where any flare-up in a US-Ira ...