Oil shipping costs rise sharply
The cost of transporting a barrel of crude oil has risen to over $20, nearly seven times higher than the $3 seen a year ago, due to military escalation and tensions in the Middle East. This increase is attributed to factors such as the risks of war in the Strait of Hormuz, rising fuel prices, and transportation costs between ships, which could lead to Brent crude prices surpassing expectations if disruptions continue. However, Goldman Sachs Bank predicts that Brent will fall to around $90 per barrel by the end of the year, despite ongoing risks of escalation and the impact of tensions on the maritime transport sector and its prices.
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