Unprecedented Surge in Oil Shipping Costs Amid Iran War

Global oil shipping costs have surged to unprecedented levels due to the Middle East conflict.

Disruptions in navigation, especially in Hormuz, affected supply chains.

Shipping a supertanker from the U.S. to Asia exceeded $29 million.

Freight costs doubled within two weeks.

Per-barrel shipping reached about $14.50, nearly 20% of oil prices.

Asian buyers shifted toward U.S. crude.