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The delivered-cost crisis: Hormuz transit collapse turns freight into the price of oil
Brent eased 1.2% to about $108.5/bbl on 19 October, but UKMTO's own weekly count shows Strait of Hormuz transits still roughly 70% below pre-conflict levels and Reuters' freight analysis shows shipping now eats 82% of Asian gross refining margin. The binding constraint has moved from barrels to voyage economics — and that is what reprices Nigerian crude, Dangote's feedstock slate and West African waste-feedstock exports.
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