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Oil Tanker Rates Soar as Supplies Surge From Iraq, Saudi Arabia

Rates for the world’s biggest oil tankers surged to the highest since January as shipments accelerated from Saudi Arabia and Iraq, the two biggest suppliers in the Persian Gulf.

Ships hauling 2 million barrel cargoes of Saudi Arabian crude to Japan, a benchmark route, earned $81,513 a day, according to data on Friday from the Baltic Exchange in London. That’s a 13 percent gain from Thursday and the highest for the time of year since at least 2009.