OREANDA-NEWS  The cost of shipping oil has soared due to attacks by the Yemeni Houthis. This is reported by Bloomberg with reference to data from the Baltic Exchange in London.

Due to the conflict in the Red Sea, the lease of an oil tanker for the delivery of refined products from the Middle East to Japan has risen in price by three percent, to the level of 101 thousand dollars per day. This is a new record for shipping since the pandemic, when traders began storing oil on ships due to market glut.

The need to circumnavigate the African continent, bypassing the Bab el-Mandeb Strait and the Suez Canal, leads to the fact that ships have to travel long distances. According to the site, tankers, depending on their size, earn from 97 to 117 thousand dollars a day for the transit of oil from the Middle East to Europe.

According to market participants, due to rebel attacks, the delivery time of energy resources may significantly increase. Shipments of liquefied natural gas from Qatar to the UK, bypassing the African continent, will take about 27 days, which will lead to an increase in prices.