Oil Trading Giants Say Western Sanctions Driving Up Prices

A vast hoard of sanctioned oil that’s stranded at sea is driving up global prices as buyers compete for other barrels, several of the world’s top traders said.

Refineries that would typically buy Russian and Iranian crude are increasingly turning elsewhere, Russell Hardy, the chief executive officer of Vitol Group, the world’s biggest independent oil trader, said at an event in London on Thursday. His views are widely echoed by traders from around the world, including at Gunvor Group and Pacific Investment Management Co.