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Oil-linked shipping costs surged after the U.S. announced tighter sanctions on Russia, targeting key producers and vessels involved in transporting Russian and Iranian oil. These measures are expected to disrupt Russian oil supply chains, with around 160 tankers moving 1.6 million barrels per day of Russian oil last year facing sanctions, leading to a significant increase in shipping costs and impacting global oil trade. The sanctions have already caused freight rates to spike, with supertanker rates rising by over 40% in just a few days, in a move that could severely affect Russian oil exports and distribution networks.
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