Gulf supertanker rates barely fall in oil selloff

Brent crude has fallen to its lowest level since August, but shipping costs out of the Persian Gulf have barely eased. A supertanker trip from the Gulf to China still costs about $72 million to $74 million, while rates from the US to China have dropped. Iranian drones and missiles have hit at least 16 tankers in the Strait of Hormuz so far in November.