Oil prices have risen amid concerns that a new cap on the price of Russian oil, could limit supplies in the next few months.

The new sanctions are in response to Russia’s continued invasion of Ukraine.

Meanwhile, the market for old oil tankers is booming, and it’s all down to efforts by Western nations to curb trade in Russian crude.

As Western shipping and maritime services firms steer clear of Russian oil to avoid falling foul of sanctions or harming their reputations, new companies have leapt into the void, and they’re snapping up old tankers that might normally be scrapped.

The European Union banned all seaborne Russian crude imports from Dec. 5, with a fuel import ban to follow in February.