In the wake of the U.S. airstrikes against Iran's nuclear facilities on Sunday, two colossal tankers, laden with approximately 2 million barrels of crude oil, unexpectedly altered their course upon entering the Strait of Hormuz, steering clear of the Persian Gulf entrance. This marked the initial instance of tanker diversions in the aftermath of the military action. Since Israel's initial airstrike on June 13, tanker freight rates have skyrocketed by nearly 90%, with freight derivative prices continuing their upward trajectory on Sunday evening. The airstrikes have further fueled instability in the global shipping market, particularly impacting freight rates on high-risk routes connecting the Persian Gulf to Europe and beyond.