$20m to Ship Oil Through Hormuz: Why Traders Still Profit Amid War

Sending a very large crude carrier through the Strait of Hormuz now costs $20 million for a round trip, yet traders continue to profit as Middle Eastern producers slash crude prices to $50-$60 per barrel, TotalEnergies CEO Patrick Pouyanne revealed on Monday. The Strait of Hormuz, which carried about a fifth of global oil flows before the Iran war, has become a high-risk route due to threats of bombing and mines. Despite the dangers, Iraq and Qatar have maintained crude shipments, preventing oil prices from spiking beyond $100 per barrel.…

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