Morning Minute | June 23, 2025

FreightCasts · Jun 23, 2025 · 2m

Heightened tensions in the Middle East have caused ⁠spot rates for large crude oil tankers from the Persian Gulf to China to surge over 50%⁠. This surge comes after a U.S. attack on Iran and threats to close the Strait of Hormuz, a route for about 20% of the world's oil, equating to over $57,000 per day for a roundtrip charter. Frederick W. Smith, who founded FedEx Express Corp. fifty-four years ago and revolutionized parcel delivery by using aircraft for overnight delivery, ⁠passed away over the weekend at the age of 80⁠. FedEx CEO Raj Subramaniam stated that "Fred was more than just the…