Tanker Shortage Sends Oil Shipping Costs Soaring

Oil tanker shortages have caused shipping costs to surge, affecting global markets and trade corridors. In September 2026, crude oil transportation costs increased by $26 per barrel, or about $52 million per cargo. This represents a significant shift in the market, with freight now accounting for nearly one-quarter of West Texas Intermediate futures value.

The impact is felt beyond energy markets, as agricultural trade corridors between the US and Latin America are also affected. The US and Latin America operate some of the world's largest agricultural trade routes, making fuel costs, ocean transportation, inland logistics, and port efficiency critical factors for farmers, processors, and exporters.

U.S.-Asia oil flows have declined as freight costs nearly tripled, but grain or container freight has not increased at the same rate. The disruption is attributed to vessel availability constraints, which are forcing refiners and traders to reconsider shorter supply routes.