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As geopolitical tensions ripple through global energy markets and a deal to end the U.S.-Iran war remains elusive, oil prices

have soared, but there’s an even better trade on energy volatility that investors have flocked to: the cost of moving crude.

The Breakwave Tanker Shipping ETF (BWET

), a little-known exchange-traded fund tied to crude oil tanker freight rates, has surged more than 600% year-to-date as war and disruption in key maritime corridors drive shipping rates sharply higher.