$20 million: The cost of shipping oil through Strait of Hormuz, TotalEnergies CEO says

Shipping oil cargoes via the Strait of Hormuz costs approximately twenty million dollars. This significant freight expense creates wide margins for traders and shipowners. Producers are selling oil at lower prices, seeking market access after recent conflicts. Global oil prices remain below one hundred dollars due to these consistent shipments. Fuel markets, however, stay tight, impacting gasoline and diesel prices.