Beyond Brent f.o.b. – from Anthony Chan, who answers a question I’ve long had:

From Dr. Chan’s post:

The cost of transporting oil through the SOH has increased dramatically since the U.S.-Iran conflict began. What previously cost about $3.50 per barrel in combined commercial transportation and insurance expenses now carries an estimated total cost of $24.00 to $41.57 per barrel when additional commercial and allocated U.S. military expenses are considered. That represents an incremental cost of $20.50 to $38.07 per barrel.

So, just because volumes have recovered, costs have not, even before considering f.o.b. prices.