Oil tanker rates have jumped to record highs as escalating risks to shipping in and out of the Middle East are prompting traders and tanker operators to undertake inefficient and more expensive trade routes.

Escalating Middle East shipping risks and increasingly circuitous oil routes have pushed global tanker rates to record highs.

Oil tanker rates have jumped to record highs as escalating risks to shipping in and out of the Middle East are prompting traders and tanker operators to undertake inefficient and…