A shortage of available supertankers is raising global oil shipping costs and making some long-distance crude trades uneconomical, according to shipbrokers, traders and industry data cited in a Sept. 19 report. The squeeze arrives as fuel markets remain tight and the geopolitical conflict around the Strait of Hormuz continues to disrupt seaborne energy flows.
Moving a cargo from Houston to Asia now adds about $26 a barrel, or $52 million a cargo, the report stated, equal to roughly a quarter of the price of West Texas Intermediate futures. That figure represents a cost that traders say can erase the profit margin on a long-haul voyage.
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