Global shipping rates surge 467% amid conflicts, sanctions, and supply chain disruptions.

Global shipping rates for commodities are surging, up 467% for crude oil and more than fourfold for liquefied natural gas. Tight supply lines and conflicts have contributed to the spike, with vessels spending more time at sea and several executives expecting continued tightness in the market through early next year. The surge is an "old school, extremely tight physical shipping market," according to Frontline Management CEO Lars Barstad.