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

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.