The result has been an immediate chill across the region’s shipping lanes. War-risk insurance premiums have surged and commercial traffic through parts of the Persian Gulf has slowed dramatically as shipowners reassess the risks of entering the region.
Few industries react as quickly to geopolitical shocks as shipping.
The current war in Iran is once again putting global tanker markets on edge. Several commercial vessels have reportedly been struck in recent weeks as tensions intensify around the Strait of Hormuz, the narrow waterway through which roughly one-fifth of the world’s oil supply flows.
