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Sea freight rates on routes from Asia to the Middle East have reached record levels. Brent crude oil is above $111 per barrel. Shipowners include increased War Risk Premium military insurance in their tariffs. Part of the fleet goes on detour routes. Importers whose supply chains run through the Persian Gulf are already counting losses.

The oil market showed a sharp reversal during one trading session. After a jump to $119.5 per barrel, Brent futures in May dropped below $100. Volatility has increased against the background of decisions by the G7 countries and the International Energy Agency on the issue of strategic reserves and expectations for the possible release of reserves.