Published Sep 22, 2026, 12:16 AM ET · Updated 2 months ago · 1 source
Red Sea closure and pipeline issues escalate oil tanker rates and consumer costs
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Original Report
The closure of the Red Sea by Houthis and the East-West pipeline being taken down have caused daily oil tanker rates to surge from $100,000 to over $250,000 and then to even higher levels, leading to increased costs for consumers, while Panama Canal transit auction prices have also risen significantly.