Black Sea Oil Tanker Insurance Costs Surge to $2.5 Million

Key Facts

1Insurance costs for oil tankers in the Black Sea have surged from $200,000 to $2.5 million per vessel.

Insurance costs for oil tankers crossing the Black Sea have surged from $200,000 to $2.5 million per vessel. According to oilprice.com, this more than tenfold increase reflects mounting risks to commercial shipping in the region, which is driving up crude transportation costs and impacting regional fuel prices.

Evgeni Simeonov, Lukoil's commercial manager in Bulgaria, stated that the spike follows repeated attacks on vessels and port infrastructure. Despite the logistical challenges, Simeonov noted that the Burgas refinery has not experienced cancelled deliveries and has secured its crude supplies through the beginning of December 2026.