Rising shipping costs are putting pressure on physical oil markets, which are already reeling from uncertainty over a Russian cap rough Prices and weak Chinese buying.
Revenue on the industry’s benchmark trade route topped $100,000 a day on Monday, the highest since early 2020 Covid-19 caused an increase in tankers storing cargo. With sanctions against Russia now forcing ships to take longer routes – and drying up the pool of available ships – oil companies and traders are…
