Oil shipping rental costs rise dramatically
The cost of renting a giant oil tanker has risen from $80,000 per day to $1.2 million, due to escalation in the Middle East and attacks on ships in the Strait of Hormuz. Data from the London Exchanges Group showed that this increase affects oil flows, as Saudi Aramco has been transporting millions of barrels out of the strait since September, and has raised its official selling prices for November to Northwestern Europe by $3 per barrel, with no change for the American markets.
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