While everyone is watching crude oil futures, the physical oil market is facing a crisis of its own.

Oil prices aren't being driven by crude alone; the cost of shipping it has skyrocketed, adding another layer of pressure on fuel prices worldwide. Shipping 2 million barrels of crude from West Africa to China now costs an average of USD 23.59 per barrel, up from roughly $6.50 in July; that’s a staggering 258% increase in just two months.

The problem is a growing shortage of oil tankers.

Conflict involving Iran, attacks on regional energy infrastructure, and disruptions around the Strait of Hormuz have forced more crude onto an already stretched tanker fleet.

With vessels spending more time on longer routes and ship-to-ship transfers, tanker availability has tightened significantly, pushing freight rates to record levels. With fewer tankers available, shipping costs rise, making every barrel of oil more expensive to transport.

That means fuel prices could remain elevated even if crude oil prices fall, because refiners have to pay more to get the oil delivered.

The Philippines is particularly vulnerable because it relies heavily on imported crude and petroleum products. Global oil movements feed directly into the country's weekly pump-price adjustments that have weighed heavily on Filipino motorists.

The impact continues to be felt as another round of fuel hikes was imposed today, with diesel fuel up by PHP8.82 and gasoline by PHP4.88. However, some fuel companies have conducted staggered price hikes to help motorists adjust to the new round of price hikes.

For Filipinos and motorists around the world, the takeaway is simple: it's not just the price of oil that matters and dictates gas pump prices; the cost of hauling it matters, too.