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Shipping Oil Through Hormuz Costs $20 Million, Total CEO Says

Bloomberg Markets Monday 24 August 2026, 14:33 UTC By Mitchell Ferman and Alex Longley 1 min read
Key Points

Commodities Shipping Oil Through Hormuz Costs $20 Million, Total CEO Says The cost of shipping oil cargoes on a supertanker through the Strait of Hormuz is about $20 million, the boss of TotalEnergies SE said, underscoring the wide margins to be made by traders and shipowners. TotalEnergies Chairman and Chief Executive Officer Patrick Pouyanne said the company is buying barrels at $50 to $60 inside the Persian Gulf as producers are desperate to get their supplies onto the market following...

Commodities Shipping Oil Through Hormuz Costs $20 Million, Total CEO Says The cost of shipping oil cargoes on a supertanker through the Strait of Hormuz is about $20 million, the boss of TotalEnergies SE said, underscoring the wide margins to be made by traders and shipowners. TotalEnergies Chairman and Chief Executive Officer Patrick Pouyanne said the company is buying barrels at $50 to $60 inside the Persian Gulf as producers are desperate to get their supplies onto the market following six months of conflict. The additional freight costs for a supertanker equate to about $10 a barrel, he said. Benchmark Brent futures were trading above $90 on Monday.
Shipping Oil Through Hormuz Costs (ORG) Commodities Shipping Oil Through Hormuz (ORG) the Strait of Hormuz (LOCATION) TotalEnergies SE (ORG) TotalEnergies (ORG) Patrick Pouyanne (PERSON) the Persian Gulf (LOCATION)
Originally published by Bloomberg Markets Read original →

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