(Oil & Gas 360) – Global crude oil transportation costs have increased approximately sevenfold over the past year, creating additional pressure on petroleum markets even as Middle Eastern producers restore export volumes disrupted by the conflict involving Iran.Goldman Sachs said in an October 20 research note that average international crude freight expenses have climbed above $20 per barrel from approximately $3 a year earlier. Transportation costs on certain Middle Eastern routes have exceeded $35 per barrel.The investment bank warned that sustained shipping expenses could keep Brent crude prices higher than its baseline forecast of $90 per barrel by year-end 2026 and an average of $80 in 2027.The increase reflects changes in petroleum transportation following attacks on commercial vessels and disruptions around the Strait of Hormuz.According to Goldman Sachs, additional war-risk insurance premiums, higher vessel fuel expenses, and ship-to-ship transfers account for much of the increase in global freight costs.These arrangements have helped restore crude shipments from the Persian Gulf, but they require additional vessels, handling operations, and transportation time.Goldman Sachs estimates that nearly one-sixth of tankers operating in the Persian Gulf and Gulf of Oman are involved in ship-to-ship transfers each day.The resulting reduction in available vessel capacity has consequences beyond the Middle East.Higher tanker demand and longer voyages can increase freight expenses on other international routes, affecting the competitiveness of crude supplies from different producing regions.For refiners, transportation expenses represent an important component of crude acquisition costs.Even when benchmark oil prices decline, elevated freight rates can prevent refiners from realizing comparable reductions in delivered feedstock costs.The financial impact depends on refinery location, crude quality requirements, transportation arrangements, and the ability to pass higher costs through to finished petroleum products.Persistent shipping constraints may also encourage refiners to purchase crude from geographically closer suppliers, potentially changing established trade flows and regional pricing differentials.For U.S. producers, those changes could influence export demand and realized crude prices, particularly for companies supplying international markets.Domestic refiners may experience different outcomes depending on their access to inland crude supplies, Gulf Coast import facilities, and international product markets.The effects also extend to diesel and marine fuel availability.Goldman Sachs indicated that the slower recovery in Middle Eastern refined product exports could prolong tight supplies of bunker fuel, adding another expense for commercial shipping operators.For energy investors, the distinction between production recovery and transportation normalization is increasingly important.Additional crude production may improve global supply balances without immediately reducing the total cost of delivering petroleum to end users.The bank’s outlook assumes continued recovery in Gulf production and exports, but recognizes that alternative loading arrangements may remain necessary until navigation through Hormuz becomes more reliable.Future Brent prices will therefore depend partly on freight rates, vessel availability, insurance costs, and the restoration of conventional shipping routes.The broader implication is that transportation infrastructure and maritime security have become significant variables in crude pricing, refining profitability, and global energy affordability.Disclaimer This informational, opinion, and insights article is provided for informational purposes only and does not constitute investment, legal, or financial advice. The views expressed are based on publicly available information and market conditions at the time of publication and are subject to change without notice.