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Oil prices near wartime peak as tanker rates surge
Brent crude topped $110 a barrel as attacks on tankers in the Gulf intensified, while oil shipping rates surged to record levels. Goldman Sachs warned of another price shock.
Oil prices rose above $110 a barrel for Brent crude, approaching the peak reached during the war with Iran, as attacks on oil tankers in the Gulf intensified and concerns grew over supply disruptions through the Strait of Hormuz. Brent crude had closed at $108.82 a barrel on October 21.
Crude oil shipping rates surged sharply. Goldman Sachs estimated the global average shipping cost at more than $20 a barrel, compared with $3 a year earlier, while rates on Middle East routes reached around $35 a barrel.
Rates for very large crude carriers on the Gulf–China route rose 40 percent in the first week of October alone, surpassing $1.4 million a day, according to Bloomberg data.
Goldman Sachs warned that surging shipping costs posed an upside risk to its forecast of $90 a barrel for Brent at the end of the year, while ING described its previous forecast of an average price of $80 in the fourth quarter as "unachievable".
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