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Commodities

US Crude Shipping Costs Surge to Record $44.8 Million Amid Mideast Disruptions

Guavy AI Editorial Team
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Oil
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The cost of shipping US crude oil to Asia has reached an all-time high due to buyers' desperation for energy shipments amid escalating disruptions to supplies in the Middle East. As of September 15, it costs approximately $44.8 million to hire a Very Large Crude Carrier (VLCC) to transport 2 million barrels of crude from the US Gulf Coast to China.

This price surge is a significant increase from just a day prior, when it cost about $39 million. In contrast, before the outbreak of war in Iran in late February, the cost was around $17.8 million.

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