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What is happening to the Strait of Hormuz

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Source: Regan Dsouza, Pexels

The closure of the strait has led to the fact that companies are willing to pay any money to bypass the Panama Canal faster.

Issue price: up to four million dollars.

The standard cost of passage through the channel ranges from $300,000 to $400,000, depending on the vessel. You need to pay extra for speed. In recent weeks, the premium has increased to an average of $425,000.

One company paid an additional $4 million, and this is in excess of the standard tariff.

Against this background, the price of a barrel of oil is breaking records: Brent exceeded $107 per barrel this week.  

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