There are increasing reports globally of bidding wars for tankers of oil and LNG gas as production supply from the Persian Gulf has been largely cut-off from world markets. The search is on for physical crude oil and fuel products that can be delivered in the near term. Spanish news site El Pais reports “The Persian Gulf is home to the world’s largest net exporter of crude oil (Saudi Arabia) and the third largest exporter of natural gas (Qatar). Faced with the sudden withdrawal of production from this region from the market—because ships cannot pass through the Strait of Hormuz—the 27 EU member states, and ... (full story)