Oil Traders Want U.S. to Release Sanctioned Tankers as Freight Costs Soar

Some of the world's biggest oil traders are asking Washington for permission to put sanctioned tankers back to work, as a global vessel shortage pushes oil transportation costs to extraordinary levels. Trafigura, Vitol, Mercuria and Abu Dhabi National Oil Co. are negotiating with U.S. officials for licenses to purchase or lease blacklisted oil tankers, Bloomberg reported Friday, citing people familiar with the discussions. The talks involve approximately 50 vessels currently under U.S. sanctions. Treasury officials are considering approvals on…