Goldman Sachs estimates global oil shipping costs have climbed to about $30 per
barrel from $4 a year ago, with Middle East routes near $35/bbl. The bank cites
increased ship-to-ship transfers—alongside tanker attacks, rerouting and Iranian
tonnage restrictions—as the main driver of the freight surge. Higher transit and
insurance costs around the Strait of Hormuz and Red Sea have widened location
differentials: Murban loaded at Fujairah now trades at a $43/bbl premium to
Basra-loaded barrels in the Persian Gulf, up from $2/bbl in February. Rising
freight is pushing refiners toward nearer-sourced barrels, amplifying physical
spreads; Goldman shows spot Brent trading about $40/bbl above comparable WTI and
$24/bbl above Dubai.
