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When the oil supertanker Esteem Explorer sails from the United States to Japan in late November, loaded with about 2 million barrels of crude, the journey will cost $81 million. The same journey would have cost $9.1 million last year, on average.
Shipowners are facing an increasingly fragmented fuel market as disruptions triggered by the Middle East conflict raise concerns about the availability and quality of supply.
Britain has expanded its sanctions against Russia’s oil industry, targeting two more energy companies, a dozen shadow-fleet tankers and financial networks used to move money around Western restrictions. The measures,...
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