12 hours ago
Fuel Tanker Rates Surge as Mideast Conflict Puts Hormuz in Focus
Tanker rates for vessels carrying refined oil products from the Middle East have surged in recent days, as the exchange of fire between Israel and Iran makes hauling fuel through the Strait of Hormuz more risky.
The cost to ship fuels from the Middle East to East Asia climbed almost 20% in three sessions to Monday, according to data from the Baltic Exchange. Rates to East Africa, meanwhile, jumped more than 40%. Tanker owners and managers had been pausing vessel offers in the Middle East as the hostilities between Israel and Iran show no signs of letting up.
