Oil shipping costs spike and drive up global prices
Surging oil tanker freight rates are driving up global transport costs and fueling inflation for goods worldwide. Geopolitical conflicts have restricted vessel availability and pushed shipping expenses to historic highs.
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Shipping a 2-million-barrel crude cargo from the United States to Japan will cost $81 million in late November, up from $9.1 million last year. Freight rates now account for more than 40% of the price of Brent Crude Oil, compared with 7% last year. The soaring transport expenses are stoking inflation across the supply chain, inflating everyday goods from gasoline to groceries.
