Goldman Sachs warns shipping costs for crude have risen sharply and could lift oil prices

What happened: Average global maritime crude shipping costs have risen from about $3 per barrel last year to over $20 per barrel, and Goldman Sachs warned this increase tied to the Iran war and the Strait of Hormuz crisis could push oil prices above current forecasts. (Sources: RajaNews and Akharin Khabar)

Shared facts: Average global crude shipping costs rose from about $3 per barrel last year to more than $20 per barrel. (Source: Akharin Khabar)

Additional reporting: Shipping costs on Middle East routes have climbed to about $35 per barrel; that rise is attributed in part to a war-risk premium, higher fuel costs, and increased ship-to-ship transfers. Charter rates for very large crude carriers from the Persian Gulf to East Asia exceeded $1.4 million per day in early October, setting a new record. (Sources: RajaNews and Akharin Khabar)