Record Tanker Rates Threaten to Push U.S. Oil Exports to Asia to Seven-Year Low
AI Summary
The cost of chartering a tanker for a Pacific voyage has climbed to nearly $80 million, threatening to reduce U.S. crude exports to Asia to a seven-year low. The increase follows shipping disruption associated with the Iran war.
US crude oil exports to Asia are set to hit multi-year lows after the Iran war disrupted global shipping and pushed the cost to lease a tanker for the Pacific journey to a record of almost $80 million.
Conflict Markets Commodities Energy Shipping tanker rates U.S. crude exports Asia Iran war shipping disruption oil markets