No Relief In Sight For Bosphorus Oil Tanker Jam

The traffic jam of oil tankers in the Bosphorus Strait won’t see relief anytime soon, with Turkey’s maritime authority sticking to its guns over requiring insurance letters from the ships passing through. Since the start of the month, Turkey has mandated insurance checks on oil tankers to make sure all ships traveling through the Bosphorus and Dardanelles Straits are properly covered, as the G7 price cap banned all Western insurers from covering ships carrying Russian oil unless it was purchased below the $60 price cap. The checks require…