Wars involving oil producers traditionally cause tanker rates to spike. A month into the Russia-Ukraine war, rates for most crude tankers remain abysmally low. Rates for product tanker rates are up but not exceptionally high.
“The immediate knee-jerk reaction was: Disruptions create strength in the market,” said Evercore ISI analyst Jon Chappell. “We saw that in 1991 and we saw that in 2003, so the thinking was: Here we have another geopolitical event that’s going to lead to [oil] storage and...
https://www.freightwaves.com/news/why-russia-ukraine-war-has-not-ignited-crude-tanker-rates-yet