Goldman Sachs: Shipping Costs May Raise Brent Prices

Goldman Sachs reports indicate that the ongoing rise in crude oil shipping costs due to conflicts in the Middle East is heightening upside risks to Brent crude prices, with global average costs exceeding $20 per barrel and surpassing $35 along Middle Eastern routes. The increasing costs are widening the disparities between different crude grades and putting pressure on refinery margins. Although a recovery in Gulf exports could help lower crude prices, the growing reliance on vessel transportation is pushing costs higher. The bank forecasts that Brent will fall to $90 by the end of the year, with the potential to exceed current expectations if geopolitical tensions escalate further or if oil infrastructure is damaged.

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