The International Energy Agency (IEA) said large-tanker freight for crude moving from the Middle East Gulf to Asia exceeded $37 per barrel by mid-October, raising costs for oil importers.
In its Oct. 21 commentary, the agency said the rate stood at more than five times the prewar level. It traced the increase to delays near Hormuz, longer trips and cargo transfers at sea.
Those disruptions kept tankers occupied and left fewer vessels available for hire, the agency said.
The IEA said higher shipping charges added to importers' bills and put exporters under pressure to accept lower prices.
Asian refiners processing Middle Eastern crude were left with negative margins in September as delivered costs increased, according to the IEA. Gulf crude exports also recovered above three-quarters of prewar levels that month, a rebound covered in earlier reporting on Gulf exports and tanker costs.
