“ Massive disruptions ” could be seen in the crude oil trade in the Middle East, particularly in the Strait of Hormuz, according to a new report from IHS Markit. Spot rates in the Gulf have increased dramatically after the most recent attack on two tankers in the Gulf of Oman last week, according to IHS Markit. A VLCC—capable of carrying 2 million barrels of crude oil—now commands US$15,000 to move crude from the Middle East Gulf to China—a more than US$4,000 increase from just days before the attacks. The July contract rate is even higher at US$25,000 per day. Higher insurance rates are partially to blame for the increased fees, as are higher bunker fuel prices in the Middle East region. What’s more, vessel availability near the Gulf is expected to fall over the next couple of weeks, HIS Markit said, as ship owners are likely to avoid […]