️ The cost of renting a supertanker to transport oil from the Persian Gulf has reached approximately $1.3 million per day

️ The cost of renting a supertanker to transport oil from the Persian Gulf has reached approximately $1.3 million per day

Before the war, it was $50,000 per day.

$1.3 Million a Day: When Freight Forces Paper Oil to Meet the Physical Barrel - Energy News Beat

Record VLCC rates now equal about $33 a barrel — 27 percent of delivered crude — and history shows that energy shocks plus Fed tightening are how demand destruction turns into recession. Especially after the Fed raises rates during an energy crisis, recessions follow. Patterns in finance matter, just like physics matters to the grid. […]