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Sinokor’s aggressive buying has spooked the market, traders say, in turn dramatically driving up the cost of freight as nervous charterers rush to book space in case prices rise further in the future due to the concentrated ownership.

The move comes immediately on the heels of a trade deal with the U.S. that slashes punitive tariffs for Indian exports but demands that the country stop importing discounted Russian oil.

Oil markets are awash in crude, keeping a lid on prices and squeezing drillers. For U.S. refiners, though, the glut is proving a windfall. 

The warning comes just days after U.S. and Iranian officials held diplomatic talks in Oman on Feb. 6, following President Donald Trump’s repeated threats on Tehran with airstrikes.

The U.S. is backing Exxon and Chevron as they negotiate in Venezuela, Iraq, Libya, Algeria, Azerbaijan and Kazakhstan, according to public announcements and people familiar with the talks.

ConocoPhillips CEO Ryan Lance’s priority in Venezuela is recouping billions his company is owed almost two decades after its oil projects were nationalized, rather than drilling new wells. 

An oil exchange-traded fund posted its biggest daily inflow since the pandemic as investors bet that prices will continue to rally as tensions between the U.S. and Iran simmer.

Last week’s speculations about escalating tensions between Iran and the U.S. prompted a rush from charterers to secure vessels ahead of any potential supply disruption, shipbrokers said.

The move comes after months of Trump pressing India to cut its reliance on cheap Russian crude. Trump said that India would also start to reduce its import taxes on U.S. goods to zero.

The deal, expected to close in the second quarter, illustrates how shale companies are pushing to consolidate, as many of the best U.S. drilling sites have been tapped.