Goldman Sachs: Shipping Costs hint at higher Brent
Goldman Sachs announced that the rise in global crude oil shipping costs, which have exceeded $20 per barrel compared to $3 a year ago, heralds higher Brent oil prices amidst ongoing conflicts in the Middle East. They clarified that increased risks related to passing through the Strait of Hormuz and war-related transportation activities account for more than half of this increase, impacting refinery profit margins and expanding the spread between different types of crude oil. Although a scenario predicting Brent prices dropping to $90 next year is expected, ongoing shipping disruptions are increasing the likelihood of higher prices in the long term, with additional risks to the outlook due to military escalation and damage to oil infrastructure. Meanwhile, oil prices surged above $110 today, supported by declining U.S. oil inventories and concerns about Middle Eastern supply.
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