Asia Outbids Other Regions for Fuel Cargoes as War Chokes Supply

Tankers carrying jet fuel and diesel have sharply diverted toward Asia and away from their initial destinations in the west as the world’s most important oil-consuming region is grappling with a supply crunch amid halted traffic at the Strait of Hormuz. At least five vessels with diesel and jet fuel cargoes originating from the Gulf and India have made a U-turn near Africa’s southeast coasts and are now signaling their destinations are in Asia, tanker-tracking data compiled by Bloomberg showed on Monday. In recent…