Beijing’s foreign ministry urges ‘all parties’ to avoid escalation as spot rate for tankers reaches $424,000 a day

Consumers are set to pay higher prices, but US producers could benefit, analysts say.

It comes after prices surged on Monday and as the US is set to announce plans to deal with the rising cost of energy.

SINGAPORE: Global oil and gas shipping rates soared, with supertanker costs in the Middle East hitting all-time highs, as the US-Iran conflict intensified after Tehran targeted…

The cost of hauling crude oil from the Middle East to China rose more than 94% to hit a record high of $423,736 per day on Monday.

Beijing’s foreign ministry urges ‘all parties’ to avoid escalation as spot rate for tankers reaches $424,000 a day