What caused the record surge in Black Sea oil tanker freight rates, and how high did they go?

The record surge in Black Sea oil tanker freight rates was caused by a flurry of drone attacks disrupting operations at the CPC export terminal near Novorossiysk, leading to suspended loadings and heightened risk. Daily earnings for 135,000-ton tankers on the Novorossiysk-to-Augusta route rose to $440,948 — the highest level in Baltic Exchange data compiled by Bloomberg since July 2008 — representing a 140% increase since early July when the most recent attacks began.

How has the drone conflict affected CPC Blend crude pricing and shipments?

The drone conflict has sharply reduced CPC Blend shipments — expected to fall by a third this month from the original plan — and driven its price to a more than one-year low; on Tuesday, it traded at $4.60 per barrel below Dated Brent, the weakest since January 2025, as freight and insurance costs surged and buyers grew cautious, expecting eventual cost normalization. Additionally, the International Energy Agency noted that CPC’s average differential to North Sea Dated dropped sharply last month due to insurers roughly doubling war risk premiums in the zone.

Black Sea Oil Tanker Rates Surge to Record on Drones Barrage

Aug 12, 2026

Black Sea oil tanker freight costs hit record highs after drone attacks, driving down CPC crude prices as insurers doubled war risk premiums and shipments faced significant disruptions.

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Black Sea Oil Tanker Rates Surge to Record on Drones Barrage

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