Hormuz Oil Transit Costs Hit $20 Million for SuperTankers
Transporting oil via supertankers through the Strait of Hormuz costs around $20 million, presenting vast profit opportunities, according to TotalEnergies’ CEO Patrick Pouyanne. As producers rush to market amid ongoing conflict, the company is sourcing oil at $50 to $60 per barrel, creating a favorable trading environment amidst rising Brent futures.