Oil-freight derivatives trading surged to the highest in at least a decade as the Biden administration’s sanctions on Russia continued to propel supertanker rates higher.

For example, Shandong Port Group has banned tankers under US sanctions from entering its ports, as traders reported last week. Analysts estimate that about 10% of the global oil tanker fleet is under US sanctions. Quote from Jefferies analyst Omar Nokta ...

The White House, now unconcerned about the effect on gas prices and inflation, blacklisted two of Russia’s biggest oil producers and nearly 200 tanker ships.