Hormuz Uncertainty Reflects In Shipping Costs And Insurance
The escalating Iran-US tensions around the Strait of Hormuz are now hitting global trade hard, with shipping insurance costs surging dramatically. ‘War risk’ premiums have reportedly jumped up to four times, forcing shipowners to seek specialised coverage for voyages through the region. Insurers fear a potential conflict could disrupt one of the world’s busiest oil routes, pushing costs higher and adding fresh pressure on global supply chains.
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