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Story summary
- A U.S. shipping shortage raised freight costs by $26 per barrel on Houston-Asia oil cargoes.
- Brent futures topped near $110 a barrel while European Dated Brent physical crude rose above $131.
- Supertanker availability tightened, leaving few vessels for hire and pushing Suezmax earnings above $300,000 daily.
- World’s largest oil-tanker equities hit a record near $70 billion as US-Asia flows fell after freight costs tripled.