Saudi Arabia’s national carrier Bahri has reportedly booked at least five very large crude carriers to move oil to Asia, as Middle East-to-China freight rates jump above $200,000 per day, the highest in six years. The surge in shipping costs underscores tightness in tanker capacity and may filter into delivered prices for both Oil – Brent Crude and Oil – US Crude, potentially affecting refinery margins and trade flows across Asia.
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Over the past month, Brent futures have risen about 10.06%, while WTI has advanced roughly 9.71%, extending an upswing supported by firm demand and supply constraints. On a one-day view, technical analysis on TipRanks currently points to a Buy signal for Brent and a Buy signal for WTI, indicating bullish short-term momentum despite higher transportation costs. Investors can explore more updates, prices, and analysis across global markets at Commodities.