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Shipping oil from the US to Europe costs 12 times more than the start of 2022 as nations continue to shun Russian crude

1 month ago   |   By Business Insider

The Russian-flagged oil tanker Pegas is pictured at a port in Marmara Ereglisi, western Turkey January 16, 2022. REUTERS/Yoruk Isik
Shipping costs for US oil going to Europe have hit levels not seen since the start of the pandemic, Bloomberg data shows.
Daily earnings for mid-size tankers have surged by nearly 12 times this year.
Europe has fresh sanctions looming for 2023 against Russia and global crude flows continue to shift.
Shipping oil from the US to Europe now costs 12 times more than it did at the start of the year, Bloomberg data shows. Prices haven't been this high in two years...
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