Oil Freight Has Surged Everywhere Since Hamas Attacked Israel
Rail cars carrying crude oil near Odessa, Texas.
Photographer: Paul Ratje/AFP/Getty ImagesThis article is for subscribers only.
The cost of transporting oil has surged on almost every mainstream trade route in the week since Hamas attacked Israel.
Freight rates on 16 global trade routes surged by an average of more than 50% compared with a Oct. 9, according to data from the Baltic Exchange in London. The single biggest gain in that period has been for shipments across the Mediterranean Sea, which doubled.