Fresh military tensions in the Persian Gulf are sending shockwaves through global shipping markets, with maritime industry groups warning that war-risk insurance premiums have jumped by around 15% following the latest escalation between the United States and Iran.
The increase comes after Iran’s Islamic Revolutionary Guard Corps (IRGC) claimed it carried out overnight drone and missile strikes against eight U.S. military sites in Bahrain and Kuwait in retaliation for recent American airstrikes. While Tehran described the operation as successful, U.S. officials said there were no American casualties or major damage, disputing Iran’s account of the attacks.
Despite the conflicting claims, insurers and shipping operators have reacted swiftly. Maritime analysts say underwriters are raising premiums for vessels operating in and around the Strait of Hormuz, citing heightened risks to commercial shipping. The waterway carries roughly 20% of the world’s oil supply, making any disruption a major concern for global trade and energy markets.
Industry experts warn that the latest premium increase could translate into higher freight costs for oil, gas and container shipments, with additional expenses likely to be passed on to consumers if tensions persist. Shipping companies are also reviewing voyage plans, while some operators are considering alternative routes where possible, despite the added travel time and costs.
Although crude oil prices remained relatively stable during early trading, analysts say markets remain highly sensitive to developments in the Gulf. Any further attacks on military installations or commercial vessels could trigger another sharp rise in insurance costs and disrupt international supply chains.
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