Surging Tanker Rates Make U.S Oil Too Expensive for Asia

The tense situation in the Middle East with constant Houthi attacks on commercial vessels in the Red Sea is upending the global trade of crude oil and petroleum products—again.   The markets had just adjusted to the disruption caused by the sanctions on Russian oil and fuels, which found new outlets in Asia, North Africa, and South America instead of the top buyer before the Russian invasion of Ukraine.   New Threat To Global Oil Trade  Then came the Hamas-Israel war that began in early October, shifting the market…