Shipping

Crude Oil

Mounting Tensions in Gulf Affect Oil Shipping Rates

Oil tanker owners are elevating the costs they charge to export Middle East crude as tensions mount in a region that accounts for about third of all seaborne petroleum shipments. Rates for transporting 2 MM-bbl cargoes from Saudi Arabia to China leaped to nearly $26,000 a day on Thursday –  over double where they were initially in June, according to…