Lawyers and insurance companies. The Strait of Hormuz will close now.

It increases the cost of transporting oil far less than the increase in the value of the oil the tanker is carrying.

In the 1980 “tanker war” premiums quadrupled (far more than speculated here)… yet traffic continued to flow with little interruption

Because you’ve misread the news if you’re taking it to mean that insurance isn’t available.

The first step to increasing the rate on a voyage when markets are closed as they are now - is to cancel the initial policy.

Here’s a better source -

https://www.livemint.com/news/world/strait-of-hormuz-crisis-insurers-cancel-policies-raise-war-risk-premiums-on-ships-after-israel-strikes-on-iranreport/amp-11772309959461.html

https://www.cnbc.com/2026/03/01/experts-weigh-potential-scenarios-for-oil-if-strait-of-hormuz-closes.html

and....then there's this-

LONDON, March 1 (Reuters) - At least 150 tankers, including crude and LNG vessels, dropped anchor in open Gulf waters beyond the Strait of Hormuz and dozens more were stationary on the other side of the chokepoint, shipping data showed on Sunday, after U.S. and Israeli strikes on Iran plunged the region into turmoil.

No "expert" in the link you provided had anything to say about insurers, whether insurance was available, or whether ships would risk the Straight with or without insurance.


Onca again - we've been here before. It isn't new territory. The speculated 50% increase in insurance means that a large tanker's insurance for the voyage goes from $250,000 to $375,000. But the value of the cargo (2 million barrells of oil) went up over three million dollars just on Friday - and could easily jump much higher tomorrow. The cost of the insurance isn't going to stop anyone.