Global oil tanker shortage worsens; US-China freight costs exceed rocket launch

A severe global shortage of oil tankers is driving freight rates to unprecedented levels, with the cost of hiring a tanker from the US to China now exceeding the cost of launching a rocket into space. The shortage reflects a combination of factors including fleet aging, sanctions on older vessels, and rerouting due to geopolitical tensions. This development signals sustained upward pressure on energy transportation costs, which could feed into higher delivered crude prices and inflation.