The average global freight rate to transport oil has surged to $20 per barrel from $3 per barrel last year as the Iran war and the Hormuz crisis have created a shipping crisis that’s unlikely to end soon, Goldman Sachs says. Oil shipping rates are set to remain elevated in the near term amid no end in sight to the Middle East crisis, with the massive surge in freight costs posing an upside risk to Goldman’s current baseline oil price forecast of $90 per barrel Brent crude at the end of this year, the bank’s analysts said in a…
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