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BlockBeats, citing a Goldman Sachs report, said that factors including risks related to the Strait of Hormuz, diversions, and fuel costs have driven up crude oil transportation expenses, with costs on major Middle East routes exceeding per barrel 35 USD. The report expects refined product prices to remain supported by high costs after benchmark oil prices decline.
Saudi Arabia's energy minister said that Saudi Arabia plans, within the next to 3 years, to increase overland oil transport capacity bypassing the Strait of Hormuz; existing pipelines are already transporting 5800000 barrels per day in actual throughput.
After operations were disrupted by recent drone attacks, Saudi Arabia restarted its East-West Oil Pipeline. The pipeline can bypass the Strait of Hormuz, providing an alternative route for crude oil transportation and reducing the risk of disruption to a single route.