Tanker Squeeze Adds Insult to Oil Injury amid Iran War ...Middle East

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Tanker Squeeze Adds Insult to Oil Injury amid Iran War
Tanker rates are through the roof, movement through the Strait of Hormuz is severely reduced because of war cover cancellations by insurers, and the combination of these developments has sent oil prices flying. Now, there’s a third factor that would likely aggravate the situation further: there are not enough supertankers. Bloomberg reported the news this week, saying there were between six and a dozen supertankers that were available for booking in the Persian Gulf, if, of course, the potential client was willing to pay the record daily…

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