Almost 300 million barrels of oil from Russia and Iran are currently being transported by sea.

Currently, ships around the world are transporting 290 million barrels of Russian and Iranian oil under sanctions.

According to Vortexa Ltd., about 290 million barrels of crude oil from Russia and Iran are currently on the water – this is more than 50% more than a year ago, enkorr reports.

Brent futures have risen by about 14% since the beginning of the year. Some of the world’s largest traders explain that the increase in crude oil prices since the beginning of the year is associated with the refusal of key refineries from supplies from sanctioned countries.

According to the head of Vitol Group Russell Hardy, tighter restrictions on Russian and Iranian oil create additional competition for Western barrels. Traditional buyers of this particular raw material are turning to Western or Saudi sources of supply, which strains the market – this is about 1 million barrels per day that do not find refineries, but simply lie on the high seas.

USM previously reported that Ukraine has imposed new sanctions against tankers transporting Russian oil.