Panama Canal oil shipments soar 70% as Asian buyers turn to US crude

With Hormuz unpassable due to Iran war, ships vie for limited canal transit slots Only a limited number of ships can pass through the Panama Canal each day. © Reuters TOKYO — Crude oil and petroleum products traveling through the Panama Canal swelled more than 70% above last year's levels in April, as the effective closure of the Strait of Hormuz sent Asian buyers scrambling to secure supplies from the U.S.

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