Turkey Tanker Spat Escalates With Millions of Barrels Stuck
Oil tankers waiting to transit the Bosphorus Strait in Turkey in November.
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A standoff over sanctions and insurance that has caused a jam of oil tankers at the key Bosphorus shipping strait escalated on Thursday, leaving millions of barrels of crude stuck.
Late last month, Turkey insisted on proof that oil-carrying ships are insured after European Union sanctions on Russia came into effect. It has come under pressure from the US and UK and also the insurance industry to change its rules.