[Hormuz Crisis Drives Up Global Crude Oil Transportation Costs, Freight Rates Surge from $3 to Over $20 Per Barrel] BlockBeats News, October 22: A Goldman Sachs report shows that the average global crude oil transportation cost has risen from approximately $3 per barrel a year ago to over $20 per barrel, with major Middle Eastern routes exceeding $35 per barrel. The Hormuz Strait crisis, driven by war risks, ship-to-ship transfers, rising fuel costs, and reduced tanker scheduling efficiency, is collectively pushing up crude oil transportation expenses, creating a new wave of energy price pressure. Goldman Sachs estimates that the war risk premium associated with the Hormuz Strait crisis has added approximately $7 per barrel to transportation costs, ship-to-ship transfers have added about $4 per barrel, rising marine fuel costs have added about $4 per barrel, reduced tanker scheduling efficiency and route diversions have added about $3 per barrel, and the reduced availability of Iranian tankers has contributed about $2 per barrel. The surge in transportation costs has also widened regional crude oil price spreads, with the Brent crude oil and WTI crude oil price spread recently reaching approximately $14 per barrel, significantly higher than the usual level of around $5 per barrel. Goldman Sachs notes that Asian refiners are particularly vulnerable to the impact, while some European refiners have already begun reducing crude oil imports and processing volumes. Goldman Sachs predicts that Brent crude oil prices will fall back to approximately $90 per barrel by the end of this year and average $80 per barrel by 2027. However, if transportation, insurance, and refining costs remain elevated, even as benchmark crude oil prices decline, the prices of refined products such as gasoline and diesel may remain high, further exacerbating energy inflation pressures. [Original Link]