
Shipping costs for oil reach record levels as navigation in the Strait of Hormuz halts
Global oil and gas shipping costs surged today, Tuesday, to unprecedented levels following the halt of navigation through the Strait of Hormuz, amid escalating confrontation between the United States and Iran, and targeting of ships in the region, leading to widespread disruption in energy and maritime transport markets. Data from the London Stock Exchange Group, as reported by Reuters, showed that the cost of chartering supertankers to transport two million barrels of crude from the Middle East to China reached $423,736 per day on Monday, the highest level ever recorded. This figure is nearly double the price recorded on Friday, continuing gains from the six-year high recorded last week. View the full content on...














