Oil shipping rates extended their rally on expectations of a tightening in global tanker supply from wider U.S. sanctions on Russia's fleet and traders' demand for ships to load Middle East oil for Asia,

Oil tanker rates jumped on Monday as the Biden Administration’s sanctions on Russia’s petroleum trade threaten to cut the supply of ships while forcing traders to seek alternative sources of crude.

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 ...