Persian Gulf Oil Smuggling

Shippers offer $25,000 per trip to move oil out of the Persian Gulf.

Shippers are offering to pay up to $25,000 per trip to smuggle oil out of the Persian Gulf, the fastest rate since the start of the Iran war. Despite a recent uptick in attacks threatening the flow, the cost of getting it out is estimated at up to €40 million for a multiday trip. However, leaving the oil stranded is still economically worse than taking on the freight cost and selling it at thinner margins.

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