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Saudi Arabia is securing an increasing number of super oil tankers at rates exceeding $450,000 per day, compared to pre-war levels of $100,000 a day.
Javier Blas reports that this surge in booking activity is aimed at moving crude from the Red Sea into global markets, highlighting strong demand for tanker capacity and markedly higher transport costs.
The current acceleration in Saudi tanker bookings comes amid a backdrop of persistent oil market volatility reminiscent of earlier episodes, such as the historic price spikes following the Abqaiq attack, and mirrors shifts observed when a surge in Russian floating storage demand exerted pressure on oil prices during recent crises. These developments underscore the complex dynamics shaping energy transport and pricing across geopolitical flashpoints.