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Maritime crisis endangers oil markets
The article discusses the rise in global oil transportation costs due to a shortage of giant tankers, with shipping expenses reaching record levels. This threatens oil flows and significantly increases the cost per barrel. The conflict and war have reduced the number of available vessels for hire, while the revenues of shipping companies have reached historic highs, bringing some markets close to a complete shutdown. Additionally, the increase in shipping costs has led to a decline in oil shipments from America to Asia and a rise in Brent crude prices, amid concerns about declining refinery profitability and its impact on the global oil market.
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