Hormuz on a Knife-Edge: Shipping Pays the Price as the Iran-U.S. Ceasefire Unravels

By Paul Morgan (gCaptain) – The Strait of Hormuz is bleeding trade confidence again. Barely a month after Washington and Tehran signed a memorandum of understanding meant to end months of tanker attacks, the truce has come apart. Both sides are back to trading strikes, and the world’s most important oil chokepoint is once more too dangerous for many owners to risk.

The numbers tell the story better than the rhetoric. War risk hull premiums, which sat at a nominal fraction of one percent before the crisis began in February, have surged to between three and ten percent of a vessel’s