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

Posted On: Oct. 14, 2019 6:20 AM CST

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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