Oil tanker costs hit record highs amid Iran conflict
The cost of renting giant oil tankers has risen to over $1.2 million per day as a result of navigation disruptions in the Strait of Hormuz caused by Iran's war. This has led to longer shipping distances and a shortage of carriers. This price surge, which has doubled transportation costs since August, is increasing pressure on global energy markets already suffering from supply shortages. It has also prompted oil and shipping companies to expand their fleets and reduce the output of some refineries due to higher costs and declining profitability.
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