Iran may include a $130-a-barrel oil scenario in its next budget, per Fars News, but the US blockade in the Gulf of Oman has stranded at least 50 laden Iranian tankers inside the Persian Gulf, per UANI. #Oil#Iran#Tankers#Hormuz
Saudi shipping giant Bahri posted Q3 net profit of $1.36B, ten times the $137M a year earlier, as Hormuz disruption pushed oil tanker rates to record highs and tied up supertankers in long waits. #Oil#Tankers#Shipping#Hormuz
Tankers once used to ship sanctioned Venezuelan crude are now exporting oil from the Persian Gulf after being delisted. Two VLCCs already work the Gulf and two more are en route from South America, Bloomberg reports. #Oil#Tankers#Sanctions
Record tanker rates are choking U.S. crude flows to Asia. A U.S. Gulf-China supertanker hit $80M this month, 10x pre-war rates, and Asian orders for November U.S. crude fell about 50% from September to roughly 25M bbl. #Oil#Tankers#OOTT
Freight is adding a hidden cost to oil: shipping about 2M barrels from the US to Japan on a VLCC could cost roughly $81M, or $40.50 a barrel, versus about $9M a year ago. Record tanker rates are reshaping crude flows. #Oil#Tankers#Shipping#OOTT
