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Goldman Sachs: War Increases Oil Shipping Costs
Global oil shipping costs have increased by up to seven times over the past year, due to the war in the Middle East, with expectations of prices continuing to rise. The average cost of transporting crude oil has surpassed $20 per barrel, compared to $3 a year ago, including the war risk premium for the Strait of Hormuz, fuel costs, and transportation expenses. Goldman Sachs predicts that Brent crude prices will fall to around $90 per barrel by the end of the year, due to navigation disruptions and supply paralysis in the Arabian Gulf, with ongoing price pressures leading to reduced oil demand and changes in the maritime trade landscape.
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