New Delhi, Oct. 22 -- War-related risks in the Strait of Hormuz and an increase in ship-to-ship transfers account for more than half of the USD 20 per barrel year-on-year rise in global crude oil freight rates, according to a report by Goldman Sachs (GS).

The surge in shipping costs is putting pressure on refiners, particularly in Asia, which rely heavily on crude oil imports from distant suppliers. These refiners may have to pass on the higher costs to consumers or accept lower profit margins.

Brent crude crossed USD 110 per barrel this week and was trading at around USD 111.51 per barrel at the time of reporting. Another crude oil benchmark was trading at around USD 99.31 per barrel.

Goldman Sachs said global crude oil shipping costs...