💢 The war with Iran and drone attacks that shut Saudi Arabia’s East-West pipeline have driven supertanker rates to record highs, The Wall Street Journal reports. Hiring a VLCC to load in the Persian Gulf and transit Hormuz topped $1 million a day, or roughly $26 per barrel.
The pipeline outage has pushed more Saudi crude back through Hormuz, while shuttle runs and longer routes tie up vessels and deepen the tanker shortage. About 15% of the global VLCC fleet is now off Oman.
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💢 The war with Iran and drone attacks that shut Saudi Arabia’s East-West pipeline have driven supert
Xoaquin Flores - New Resistance
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