U.S. Markets close in 1 hr 36 mins

U.S. Sanctions on Iran Boosting Oil Tanker Stocks

Eliecer Palacios

As we approach the deadline for U.S. sanctions on Iran to kick in on Nov. 4, we are seeing large consuming countries like India, the world's third-largest importer, continuing to buy Iranian crude oil as they seek options to bypass the sanctions. Amid sanctions and ongoing trade wars, the U.S. is rerouting the flow of crude oil tankers, providing a boost to shares of Frontline Ltd. , one of the largest crude oil tankers, as the loss of Iranian crude oil means tankers are taking longer routes to haul the commodity to Asia.