New Delhi, Sept. 19 -- Oil tankers crossing the Strait of Hormuz are now earning even more than $1 million a day, as the Iran war has increased the risks and the urgency of moving crude through the key shipping chokepoint.

The cost of hiring a large crude carrier to transport oil from the Persian Gulf to China, which must pass through the Strait of Hormuz, reached $1.035 million per day this week, according to Baltic Exchange data cited by Fortune. In fact, for the first time, the rate has crossed the $1 million mark. Before the war, a similar transportation cost about $208,000 per day, based on the Platts VLCC index.

The price pressure comes as commercial traffic through the Strait of Hormuz has significantly decreased, with the US-Ira...