Oil shipping costs hit new high
The cost of renting ultra-large oil tankers to transport oil from the United States to Asia has reached a record high of $77 million, compared to an average of $9.2 million last year, increasing the burden on oil supply chains. The rising transportation costs, amid Brent prices near $100 per barrel, have forced some oil companies to offer discounts to offset the high shipping expenses. Additionally, the US-Iran war has impacted the oil tanker market, further complicating trade movements and leading to longer delivery times, as the availability of tankers has sharply decreased.
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