Crude markets have experienced a turbulent start to the year. Prices initially climbed due to a harsh winter and US sanctions on Russian energy exports but later retreated on the possibility of sweeping US tariffs, which heightened fears of a global economic slowdown.
Global shipping rates continued to decline for the second consecutive week as manufacturing and logistics activity slowed due to the Lunar New Year holiday. Transpacific freight rates to the US West Coast dropped 17% since mid-January