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Oil tanker rates surge 1,100 percent amid sanctions, war risk

Oil tankers

U.S. sanctions against vessels from China and war risk in the Persian Gulf have helped daily rates for very large crude carriers to spike to $300,391 from $25,000 a month ago, according to Data from U.K.-based Baltic Exchange, The Business Times reported citing Bloomberg. The market was already set to tighten in the short term as refineries wind down seasonal maintenance.

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