The U.S. Coast Guard and Texas General Land Office continue cleaning up a spill in the Port of Galveston after a fuel oil tanker collided with a pier Tuesday night. According to a Coast Guard news release,

Within days of the US President Donald Trump announcing sanctions on two major Russian oil firms, Rosneft and Lukoil, a crude oil tanker headed for India has now taken a U-turn. According to a Bloomberg report,

Crude tankers are once again firing on all cylinders, with freight rates surging across all segments as oil in transit reaches its highest level in more than five years.

Benchmark oil tanker earnings climbed to the highest level since the depths of the pandemic as global supply mounts and sanctions bolster demand for untainted vessels.

At least 11 critical undersea cables have been cut in the Baltic Sea in the past two years. Authorities suspect Russian hybrid warfare aimed at undersea infrastructure.

Over 1.2 billion barrels of oil are currently in transit on tankers, driven by increased supply from OPEC+ and non-OPEC+ exporters, longer voyages, and rising production from the Americas.