Global oil supply chains face historic stress: Crude prices and tanker rates now at all-time highs — here’s the key reason behind the oil price surge

Global oil supply chains face historic stress: Shipping 2 million barrels of crude oil now costs $29 million from the U.S. Gulf Coast to Asia. That is a record. Freight rates doubled in two weeks. Shipping alone now costs $14.50 per barrel, nearly 20% of the …