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Commodities

Oil Prices Soar as Shipping Costs Explode

Guavy AI Editorial Team
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Oil
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Oil prices have surged to over $100 per barrel due to renewed US-Iran fighting in the Middle East and disruptions through the Strait of Hormuz.

Analysts warn that fuel and shipping costs are rising even faster than oil, with shipping costs potentially increasing from $10 to $15 a barrel.

The refining premium for diesel has nearly tripled to over $80 a barrel, making it effectively priced at more than $180 per barrel.

Commodity strategists at ING point to tightening diesel supplies, particularly as Russia considers extending its export ban on the product.

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