Middle East Oil Crisis Sends Supertanker Prices to Record Highs

Supertanker prices surge to record highs as Middle East oil producers ramp up demand (USO:NYSEARCA)

Demand for supertankers from Middle Eastern oil producers has pushed prices to record highs, driven by oil-exporting countries looking to secure ships to get cargoes out of the Persian Gulf.

More oil leaving the Gulf than previously thought

More oil than previously thought appears to be making its way out of the Gulf, helping keep elevated oil prices from spiking further. According to Axios, the US military has helped ferry crude through the Strait of Hormuz, driving overall levels of exports through the key waterway to about half of prewar levels and undermining Iranian efforts to control the crossing. Separately, Saudi Arabia’s state-owned oil giant has notified at least three Eu…

Middle East Oil Crisis Sends Supertanker Prices to Record Highs

Demand for tankers from Middle Eastern oil producers has pushed prices to an all-time high, the Financial Times reported today, saying both new and second-hand very large crude carriers reached prices of over $130 million in the second quarter of the year. Citing data from shipbroking company Braemar, the FT also said the prices for chartering a supertanker for a year have also hit the highest on record. “Physical control of assets is also impor…