International oil prices rise and crude oil shipping costs surge amid Middle East supply concerns
GS Goldman Sachs Group Inc
$884.81 +1.03%
View chart & analysis → - 1Brent crude futures rose 1.22% to record a price of $110.13 per barrel.
- 2The global average crude oil shipping cost surged to over $20 per barrel, approximately seven times higher than the global average of $3 per barrel a year ago.
- 3Goldman Sachs stated that high shipping costs could pressure refiner margins and raise refined fuel prices.
So what's the key point?
Oil prices are rising due to issues in the Middle East, and the cost of moving oil has also increased significantly. Goldman Sachs noted that these costs could reduce profits for oil refiners and lead to higher fuel prices.
Source Reuters +1 · View original ↗
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