Marine insurers are pulling war-risk coverage for vessels as the escalating conflict with Iran rattles global shipping lanes. With at least three tankers damaged, one seafarer confirmed dead, and roughly 150 ships stranded near the Strait of Hormuz, oil shipping rates are poised to climb even higher—intensifying pressure on an already fragile energy market.
The cost of insuring commercial vessels transiting near Yemen has surged following deadly attacks by Houthi militants, who sank two ships and killed crew members this week—sharply highlighting the renewed risks facing this critical maritime corridor.
Marine insurers are pulling war-risk coverage for vessels as the escalating conflict with Iran rattles global shipping lanes. With at least three tankers damaged, one seafarer confirmed dead, and roughly 150 ships stranded near the Strait of Hormuz, oil shipping rates are poised to climb even higher—intensifying pressure on an already fragile energy market.
