It is worth noting that the squeeze on supertankers available for loading Middle Eastern oil comes on top of already rising freight rates on the back of tightening sanctions on vessels carrying Russian oil, a consolidation drive in the tanker segment, and the U.S. takeover of Venezuela’s oil industry. Meanwhile, the freight rate for a supertanker carrying crude oil on the key Middle East-to-China route hit a record high of more than $420,000 per day this Monday, and the rally is likely far from done, seeing as the missile strike exchange between the United States and Israel, and Iran continues unabated for the time being. The situation in the Persian Gulf has forced OPEC’s second-largest producer to shut in as much as 1.5 million barrels daily in production, and this could be just the beginning, with further shut-ins likely to bring the total to 3 million barrels daily, according to Iraqi officials.
Author: Irina Slav
Published at: 2026-03-05 00:00:00
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