| Route / Corridor |
Delay Index |
Implied Discount ($/bbl) |
Comment |
| Strait of Hormuz | 180 | –$4.20 | ~20 mbpd. Narrow, high geopolitical risk, single access channel. |
| Strait of Malacca | 150 | –$3.00 | ~16 mbpd. Heavy traffic, piracy risk, few alternates. |
| Suez Canal + SUMED | 140 | –$2.50 | ~9 mbpd. Limited depth, Egypt political exposure. |
| Bab el-Mandeb | 160 | –$3.50 | ~6 mbpd. Yemen conflict, drone and missile risk. |
| Turkish Straits | 130 | –$1.80 | ~3 mbpd. Urban bottleneck, fog and traffic delays. |
| Panama Canal | 170 | –$3.80 | ~1 mbpd. Low water levels, lock maintenance delays. |
| Druzhba Pipeline (RU–EU) | 120 | –$1.20 | ~1 mbpd. Aging, sanctions exposure, limited redundancy. |
| ESPO / Trans-Siberian (RU–CN) | 90 | +$0.80 | ~2 mbpd. Newer system, cold-resistant, state reliability. |
| US Gulf Coast Exports | 80 | +$1.00 | ~8 mbpd. Multiple terminals, strong redundancy. |
| Permian–Cushing–USGC | 70 | +$1.30 | ~6 mbpd. Parallel pipelines, short-haul, quick recov
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