Insurance premiums surge tenfold! Middle East conflict cuts off shipping routes, oil tanker transit risk costs soar to $7.5 million
Israeli and US airstrikes against Iran are rapidly transmitting the resulting conflict through the global commodity supply chain. The Strait of Hormuz has become paralyzed, energy trade costs have soared dramatically, war risk insurance premiums for shipping have surged over tenfold, with the insurance cost for a single oil tanker