Soaring U.S. energy prices are hitting all modes of transport, squeezing smaller shipping lines amid already-volatile ocean rates, as well as truckers who have to contend with delays in clawing back higher costs.
Crude oil surged to the highest level in almost 14 years this week after the United States and United Kingdom said they will ban Russian oil imports as President Vladimir Putin continues with his invasion of Ukraine. The average price for a gallon of regular gasoline climbed to a record on Wednesday just as Americans are already paying higher prices on household products.
Higher fuel prices are feeding inflation, which is running at the fastest pace in four decades. Price growth accelerated 7.9% last month, the most since 1982.
Small- and medium sized-importers that are already squeezed by sky-high trans-oceanic shipping rates could get hit especially hard by the energy-price spike, said Lars Jensen, chief…
