Gulf-Asia crude freight costs hit $37/bbl, 5x pre-war levels: IEA

IEA reports Middle East Gulf-to-Asia crude shipping costs have surged past $37 per barrel, more than five times pre-war levels, reflecting heightened war-risk premiums and rerouting around the Red Sea. The spike raises delivered crude costs for Asian importers and could feed inflation, though the IEA notes the market remains adequately supplied. This is a continuation of the Red Sea crisis-driven freight escalation, with the magnitude now at a record extreme.