Oil Price Cap Triggers Tanker Traffic Jam in Turkish Straits
More than a dozen massive oil tankers were stuck near the exit to the Black Sea, the first noticeable disruption to global energy markets after the West imposed a price cap on Russian crude.
The bottleneck in the Turkish Straits, a chokepoint in global shipping, stemmed from a dispute between a group of maritime insurers and Turkish authorities. It illustrates the potential snags caused by novel sanctions that came into effect this week, even though the sanctions were designed to keep Russian oil…