Oil shipping rates extended their rally on expectations of a tightening in global tanker supply from wider U.S. sanctions on Russia's fleet and traders' demand for ships to load Middle East oil for Asia,

Oil tanker rates jumped on Monday as the Biden Administration’s sanctions on Russia’s petroleum trade threaten to cut the supply of ships while forcing traders to seek alternative sources of crude.

Oil tanker rates continued to rise on Wednesday as concerns over further supply disruptions from US sanctions increased.

By Florence Tan and Siyi Liu SINGAPORE (Reuters) -Supertanker freight rates jumped after the U.S. expanded sanctions on Russia's oil industry, sending traders rushing to book vessels to ship supply from other countries to China and India,