Goldman Sachs: War Boosts Oil Shipping Costs

Global oil shipping costs have surged to more than seven times their levels from last year due to the war in the Middle East. The average cost of transporting a barrel of oil has exceeded $20, compared to around $3 a year ago, influenced by war risk premiums and additional fuel and transportation expenses. The Goldman Sachs report anticipates that shipping prices will remain high, supporting increased forecasts for Brent crude oil prices, while warning of risks to oil infrastructure and increased tanker attacks in the region. It is likely that Brent will decline to $90 per barrel by the end of the year due to disruptions in shipping routes and reduced supplies in the Gulf and waterways. The report also notes that rising shipping costs may decrease oil demand from refineries and lead to geographical shifts in supply sources. Additionally, it highlights that about one-sixth of oil tankers in the Arabian Gulf and Gulf of Oman are stranded daily, exerting ongoing pressure on shipping prices.

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