The cost ?of shipping oil on the largest tankers fell this week from record highs as demand eased following a wave of attacks on vessels in the Middle East and as the US considered easing sanctions on the so-called shadow fleet.

A growing number of empty supertankers have been turning away from the Persian Gulf as escalating Iranian attacks threaten a critical transfer hub for wartime oil shipments.

(Bloomberg) — Supertankers are racing to the Middle East to cash in on soaring fees for carrying oil through the Strait of Hormuz, exacerbating a global shortage of vessels that...