(Bloomberg) — Rising shipping costs are putting pressure on physical oil markets, which are already being hit by uncertainty surrounding a cap on Russian crude prices and weak Chinese buying.

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Revenue on the industry’s benchmark trade route topped $100,000 a day on Monday, the highest since early 2020, when Covid-19 caused a surge in tankers storing cargo. With sanctions against Russia now forcing ships to take longer routes – drying up the pool of available ships…

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