1007 ET - New U.S. sanctions by the outgoing Biden administration on Russian and Iranian oil exports are pushing up tanker shares on expectations that oil prices will rise along with freight rates. The sanctions target a supply network involving hundreds of so-called 'dark-fleet' tankers that move Russian and Iranian oil to China and India at below market prices. Shares of tanker giant Frontline Plc, DHT Holdings and Teekay Tankers are all up over 3% extending Friday's strong gains. (costas.paris@wsj.com)
(END) Dow Jones Newswires
January 13, 2025 10:07 ET (15:07 GMT)
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