Oil prices rise as tanker costs surge 12-fold; supply risks persist

Oil prices rose nearly 2% on Thursday after deadly attacks on Saudi targets revived concerns about Middle East supply disruptions, with Brent crude reaching $110.75 per barrel. Gulf oil exports have recovered above pre-war levels, but shipping costs have surged dramatically, with charter rates for large tankers reaching about $1.4 million per day, more than 12 times pre-war levels. Insurance costs have also risen to roughly 10% of cargo value. US commercial crude inventories fell by 3.06 million barrels last week, while Goldman Sachs forecasts Brent at $90 in December, assuming supply recovery continues. Analysts warn that repeated attacks on shipping and infrastructure could still disrupt the fragile logistics network.