Fossil fuel importers incurred an additional $330 billion in costs for seaborne oil, fuel, and LNG between March and August 2026, according to a report from the Centre for Research on Energy and Clean Air (CREA). This cost surge is attributed to geopolitical tensions stemming from the US-Iran conflict, which kept energy prices significantly above pre-war projections. Brent crude oil averaged around $93 per barrel during this period, while Asian and European LNG prices also saw substantial increases.
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