Hormuz raises oil shipping costs
The costs of renting giant oil tankers have surged to record highs due to the ongoing Strait of Hormuz crisis and escalating tensions between Washington and Tehran, with a single voyage exceeding $29 million (about $15 per barrel). Daily revenues for the most important shipping lines have surpassed $400,000. The increasing risks and confrontations, including attacks on vessels by Iran, have led to higher insurance premiums and increased transit costs through the strait. Gulf oil companies are also moving towards increasing their own ownership of oil tankers to reduce exposure to these risks. This situation is directly impacting the global oil market, as shipping costs continue to rise due to security tensions and geopolitical developments.
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