Tankers Shun Fujairah, Freeing Up Oil for Sale at Higher Prices

Some shipowners are avoiding Fujairah — a major oil port just outside the Strait of Hormuz — prompting cancellations that should allow producers to resell the cargoes at a higher price.

A widening conflict in the Persian Gulf has upended the energy trade in the region, hitting oil and gas infrastructure and all but cutting off traffic through Hormuz, the narrow waterway connecting producers in the region with the rest of the world. Fujairah, one of the few terminals in the region that is still exporting, has also reported missile threats.