Energy · 5 views
Record Tanker Rates Cripple U.S. Crude Oil Flows to Asia
What I Cover Tsvetana Paraskova is an energy and commodities journalist who has contributed to Oilprice.com for nearly a decade, covering global energy markets, commodities,… The Iran war has made oil tanker voyages so inefficient that…
AI Summary
The Iran war has disrupted oil tanker operations, drastically reducing vessel availability and pushing freight rates to record levels. As a result, the cost of moving crude from the U.S. Gulf Coast to China peaked at about $80 million earlier this month. These soaring expenses have effectively eliminated the economic incentive for U.S. Gulf Coast crude to be shipped to Asian markets.
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