Markets·October 20, 2026 at 11:38 PM EDT·3 sources
Goldman Sachs Says War Spurs Sevenfold Jump in Oil Freight Rates
GS -1.8%
GS · last 30 trading days-1.0% since the news
News
Supertanker rate peak$1.4 million per day
Middle East route freight rate$35 a barrel
Average global freight rate$20 per barrel
Average global freight rate last year$3 per barrel
What happened
- Global oil shipping costs have risen about sevenfold over the past year because of the Middle East war, Goldman Sachs said.
- Average global freight rates reached $20 per barrel from $3 per barrel last year; Middle East routes reached $35 per barrel.
- Goldman said elevated freight costs create upside risk to its Brent forecast, alongside risks from shipping attacks, infrastructure damage and geopolitics.
Average global freight rate
$20 per barrel
Average global freight rate last year
$3 per barrel
Middle East route freight rate
$35 a barrel
Supertanker rate peak
$1.4 million per day
Why it matters
Higher freight, war-risk and vessel-availability costs could push oil prices above Goldman’s baseline and add volatility across energy and financial markets. Energy, infrastructure and macro professionals should monitor the impact on tanker markets, producers and consumers.
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Timeline
- EarlierOct 18Tokenized stock trading takes off overseas as Goldman, other U.S. companies object
- EarlierOct 19Indonesian Stocks Tumble to Lowest Since 2020 After MSCI Warning
- First reported by BloombergOct 21Goldman Sachs Says War Spurs Sevenfold Jump in Oil Freight Rates
- OilPrice.com reportsOct 21Goldman Sachs Warns of New Oil Price Shock as Tanker Rates Soar
- MarketWatch reportsOct 22Oil prices approach Iran-war highs as soaring tanker rates trigger a second energy squeeze
Sources (3)
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