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FollowingTransportation costs in the Strait of Hormuz soar, and oil prices are high.
In order to transport crude oil in the dangerous Strait of Hormuz, oil producers have to pay huge bonuses to crew members. According to the Wall Street Journal, some crew members can be paid up to $25,000 for a single trip to and from the Persian Gulf. The payments are part of a so-called "shuttle transportation" system designed to respond to attacks on commercial ships and ensure the smooth passage of oil through the Strait of Hormuz.
Under this system, tankers enter the Gulf to load crude oil, pass through the Strait of Hormuz, and transfer the cargo to other ships in lower-risk areas. According to reports, the cost of a single shuttle could be as high as $40 million. Despite the high costs, exports have not stopped. According to Kpler data, the seven-day average of crude oil flow through the Strait of Hormuz as of September 26 was 14.2 million barrels per day, equivalent to nearly 80% of pre-war levels.
Logistics costs have risen sharply
However, the cost of transporting this crude oil to buyers has risen significantly. Freight charges for very large oil tankers (VLCC) transporting crude oil from the Middle East to Asia have recently exceeded US$1.2 million per day, compared with only about US$30,000 in January this year. Freight, which previously accounted for about 3% of delivery costs per barrel, now accounts for about 27%.
Despite the recovery of exports, these logistical pressures still helped keep oil prices high. Brent crude traded at around $102.67 a barrel on Monday, while U.S. West Texas Intermediate crude (WTI) was close to $90.62 a barrel. Brent crude oil prices are still more than 40% above pre-war levels.
Markets face continued uncertainty
Oil prices are also facing some downward pressure as Gulf exports resume and the Group of Seven (G7) prepares to release 100 million barrels of crude oil and diesel from emergency reserves. But markets remain vulnerable to new disruptions: Attacks on tankers and energy infrastructure continue, and shipping companies must cope with higher insurance premiums, limited ship availability and the growing cost of convincing crews to enter the area.
This means that the problem in the oil market is not just whether producers have enough crude oil to sell, but also how to safely and economically deliver that crude oil to customers. As long as the Strait of Hormuz remains dangerous, this logistics premium is likely to continue to support oil prices, even as physical exports are recovering.
