The cost of shipping crude oil from the United States to Asia has surged to record levels as the war in the Middle East disrupts global energy supply routes, reported Bloomberg.<\/p>\n
Hiring a supertanker to transport two million barrels of crude from the US Gulf Coast to China now costs just over $29 million, roughly double the rate from two weeks ago.<\/p>\n
The spike in shipping costs comes as the widening regional conflict has effectively halted tanker traffic through the Strait of Hormuz. With supplies from the Persian Gulf disrupted, Asian buyers have increasingly turned to US crude, but the shift has pushed freight rates to historically high levels.<\/p>\n
<\/p>\n
The surge means shipping alone costs about $14.50 per barrel, equivalent to nearly 20 percent of the price of West Texas Intermediate crude, which was trading near $75 per barrel.<\/p>\n
As a result, the cost of chartering a supertanker relative to the WTI oil price has roughly quadrupled since August, when freight costs accounted for about 5 percent of the benchmark price.<\/p>\n
However, the sharp rise in freight rates is already disrupting oil trade flows. Some supertanker bookings to load crude from the US Gulf Coast have begun to unravel over the past 24 hours as the high transport costs make certain export deals economically unviable.<\/p>\n
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