Oil Tanker Rates Jump as US Push Into Venezuela Shifts Flows

The shipping market is being shaken up by Washington’s intervention in Venezuela, as the prospect of more oil being exported to the US boosts regional tanker rates to their highest level in almost two years.

After US forces seized Nicolás Maduro and Washington asserted its control over the nation’s energy industry, more crude from the OPEC member will be available for American refiners, likely to be delivered on mid-sized tankers. In a knock-on effect, more US-produced West Texas Intermediate crude will be pushed to Europe on the same type of vessel, squeezing availability.