Turkey blocks Russian oil ships in the Black Sea. The move could overturn the price of crude
A gridlock has been created in recent days on a major oil trading route. If left unresolved, it could affect global supply and raise prices at a fragile time for energy markets, reports Digi24, citing CNN.
On Thursday, 16 tankers sailing south from the Black Sea were waiting to cross the Bosphorus, up 5 from Tuesday, according to a report by Istanbul-based Tribeca Shipping Agency. Another nine tankers were waiting to cross south from the Sea of Marmara through the Dardanelles.
The blockade on the Turkish-controlled waterways, which Turkish officials say mainly affects crude shipments to Europe, has drawn the attention of government officials in the UK and US, who are now in talks with Ankara to resolve the growing standoff.
The problem is related to the price ceiling imposed by the West on Russian oil, which came into effect on Monday. The cap should limit the Kremlin's revenue without increasing stress on the global economy by reducing supply.
