Oil tanker rates jumped on Monday as the Biden Administration’s sanctions on Russia’s petroleum trade threaten to cut the supply of ships while forcing traders to seek alternative sources of crude.

Supertanker freight rates jumped after the U.S. expanded sanctions on Russia's oil industry, sending traders rushing to book vessels to ship supply from other countries to China and India, shipbrokers and traders said.

For example, Shandong Port Group has banned tankers under US sanctions from entering its ports, as traders reported last week. Analysts estimate that about 10% of the global oil tanker fleet is under US sanctions. Quote from Jefferies analyst Omar Nokta ...