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Gulf Oil Tanker Demand Rises Amid Strait Crisis
The oil tanker market in the Gulf region has experienced a significant surge due to tensions with Iran and the Hormuz Strait crisis, with demand for ships increasing despite attacks on vessels and the difficulties of passing through the strait. Prices for new and used supertankers have reached record levels exceeding $130 million per vessel, the highest since 2008. Additionally, chartering costs for one-year leases have also risen. Gulf countries are working to regulate oil exports by establishing shuttle relay systems to transport crude through the Strait of Hormuz to ships outside the region, in an effort to secure supplies amid ongoing disagreements and tensions between the United States and Iran. Oil prices have risen by over 2%, reaching a one-month high, driven by concerns over the continuation of the conflict and its impact on Middle Eastern oil supplies.
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