The Strait of Hormuz has been closed, halting more than 150 tankers and increasing shipping insurance by 50%.
The Strait of Hormuz has been closed, halting more than 150 tankers and increasing shipping insurance by 50%.
2026-03-01 04:07
Shafaq News – Washington
Reuters reported on Sunday, citing shipping data, that more than 150 oil and gas tankers were stopped in the Gulf waters outside the Strait of Hormuz, amid escalating tensions following the US-Israeli attack on Iran.
Ship tracking data showed that most commercial vessels had halted their movement on both sides of the strait, with the exception of Iranian and Chinese warships.
In this context, the Financial Times reported that war risk insurance companies have notified ship owners of cancellation notices for insurance policies for ships crossing the strait, with expectations that coverage prices could rise by up to 50% in the coming days.
Dylan Mortimer, head of naval hull insurance at brokerage firm Marsh, said that insurance rates, which were estimated at about 0.25% of the ship’s value, could rise significantly, meaning that the cost of insuring a $100 million ship could increase from $250,000 to about $375,000 per trip.
The consultancy firm EOS Risk also reported that some ships received radio warnings from the Iranian Revolutionary Guard stating that the strait was closed to navigation, while at least three ships avoided crossing it after assessing the risks.
This came after an oil tanker was targeted while attempting to cross the Strait of Hormuz without heeding warnings from Iranian forces, with Iranian television reporting that the tanker was “sinking”.
The Iranian military had previously announced the closure of the Strait of Hormuz, warning ships that the route was unsafe due to the mutual attacks between Iran, the United States, and Israel, according to media reports.
The European organization “Aspidis” announced that the Iranian Revolutionary Guard had closed the strait, noting that ships had received a broadcast stating that no vessel was allowed to pass.
Meanwhile, four trading sources reported that some of the largest oil and trading companies have suspended crude and fuel shipments through the strait, while Reuters quoted an executive as saying that the ships “will remain in their positions for several days,” amid continued military escalation in the region.
shafaq.com
