Oil Tanker Market Roiled by Israeli Airstrikes Against Iran (3)

Israel’s overnight airstrikes on Iran drove up freight rates and tanker stocks Friday as traders and investors priced in the prospect of disruption to a large swath of the global oil-shipping fleet.

Forward freight agreements for July — bets on the future cost of moving Middle East crude to Asia — jumped as much as 15% to $12.83 a metric ton, according to data from brokerage Marex Group Plc. They pared their gain later in the day to about 12%. Benchmark tanker rates soared.

Tanker stocks jumped, with one of the world’s top owners saying it was more wary of ...