Al Jazeera·3 min read·medium
How shipping insurance rates are rising, as Hormuz, Bab al-Mandeb shut down
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Al Jazeera Staff
✦AI Summary
Shipping insurance rates have surged significantly due to ongoing military conflicts and blockades in the Strait of Hormuz and the Bab al-Mandeb Strait. Iranian forces have claimed control over the Strait of Hormuz, leading to increased tensions and disruptions for global oil tanker traffic.
Insurance rates through Hormuz are currently four times the five-year average.
businessworldeconomy
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