South Korean media: The cost of transporting US crude oil to Asia has reached a historical high!
On March 5, South Korean media "Global Economy" published an article stating that the air strikes on Iran have exacerbated the energy supply chain crisis, and the cost of transporting crude oil between the United States and Asia has reached a historical high.
Although US President Donald Trump promised to provide security guarantees for tankers passing through the key crude oil transportation channel, the Strait of Hormuz, the latest information shows that the insurance costs for ships in this area have still surged sharply.
According to Bloomberg, the cost of transporting 2 million barrels of crude oil from the US Gulf Coast to China by large tankers reached $290 million as of April 4, a significant increase compared to two weeks ago, setting a new record high.
At $14.50 per barrel, it is about 20% of the price of West Texas Intermediate (WTI) futures (about $75 per barrel).
As of April 4, the insurance cost for ships in the Strait of Hormuz has soared to 3%, a 12-fold increase from the 0.25% before the US and Israeli air strikes on Iran on the 28th of last month.
Iran said it would block the Strait of Hormuz and detain ships passing through the area as retaliation for the air strikes launched by the US and Israel on the 28th of last month.
According to the Bloomberg Economics Institute, if the US fails to restore normal shipping in the Strait of Hormuz within a few days, international oil prices may break through the $100 per barrel threshold.
President Trump, amid concerns over rising oil prices, posted on social media on March 3 that he would provide U.S. Navy escorts for tankers passing through the Strait of Hormuz, but market concerns have not been alleviated.
According to transport experts, the plan to provide U.S. Navy escorts for all tankers passing through the Strait of Hormuz requires a large number of warships and military forces, and its practicality is extremely low, thus being widely questioned by the industry.
Original: toutiao.com/article/1858787864791047/
Statement: This article represents the views of the author.