Prices to charter large oil tankers sailing through the critical Strait of Hormuz have more than doubled since Israel launched an attack on Iran last week, the Financial Times reports.

The price to charter a very large crude carrier—capable of carrying 2 million barrels of oil—from the Gulf to China leapt from $19,998 a day last Wednesday, two days before Israel’s attack, to $47,609 on Wednesday this week, according to figures from Clarksons Research

The rise on the route has far outpaced a 12 percent increase in the wider Baltic Dirty Tanker Index of crude oil tanker rates globally over the same period.

Rates to charter a large long range 2 tanker carrying oil products from the Gulf to China rose from $21,097 a day last Wednesday to $51,879 this Wednesday, according to Clarksons.

Up to 30 percent of the world's liquefied natural gas supplies and up to 20 percent of global oil and petroleum product exports pass through the Strait of Hormuz. Iranian authorities have repeatedly warned that they may restrict shipping in this strait in the event of a threat to national security.

On June 13, Israel attacked Iran, and this was followed by retaliatory measures by Iran. Military actions between the two countries are continuing to this day.