US explores lifting restrictions on oil tankers to cool global freight markets

The US administration is considering easing sanctions on select “shadow fleet” tankers in an effort to curb record-high global freight rates and lower energy transport costs. A US official confirmed that under the proposed plan, companies could apply to the US Treasury Department for permission to utilise previously sanctioned vessels to carry non-sanctioned oil. Surging tanker charter rates, driven by heightened geopolitical friction and maritime security threats, have raised global shipping costs and squeezed export demand. US Energy Secretary Chris Wright indicated that these discussions aim to relieve market pressures and ease high domestic fuel prices ahead of the upcoming mid-term elections. However, energy analysts and shipping experts note that the actual impact on freight rates may be limited, as industry insurers remain bound by strict regulations enforced by the EU and the United Kingdom, according to a report.

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