Soleimani killing sends oil tanker freight rates soaring

Soleimani killing sends oil tanker freight rates soaring
Russell Lynch 11 January 2020

The Middle East turmoil caused by the assassination of Iranian general Qassim Soleimani has sent some oil tanker rates soaring by up to 15pc, threatening higher costs for businesses.

The US drone strike raised tension in the strategically-significant Strait of Hormuz, route for around a fifth of the world’s oil from the Persian Gulf. Iran seized two tankers in the Gulf last year.

Experts said the crucial Suezmax tanker market was most affected; it accounts for about a quarter of oil exports from the Iraqi port of Basra and is “more sensitive to any escalation of regional conflict,” said Henry Curra, head of research at shipbroker Braemar.

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