The war with Iran has put one economic sector among the biggest winners of the crisis: the operators of oil tankers. Due to the limited traffic through the Strait of Hormuz, the cost of transporting crude oil around the world has increased significantly, which has brought exceptional profits to the shipping companies. According to the maritime broker Clarksons, the sector generated approximately $36 billion in revenue in the first three months of this year, which is the highest in a single quarter.
The previous record, $26 billion, was achieved in 2022, writes the Financial Times. The closure of the strait has pushed prices skyward. The Strait of Hormuz is considered one of the world’s most important bottlenecks in global trade.
It is usually the route for about one-fifth of all oil traded worldwide. Since the war began in February, maritime traffic has increased on this area.
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