Insurance companies are cancelling war risk coverage for vessels in the Gulf as the widening Iran conflict disrupted shipping, leaving at least four tankers damaged, two seafarers killed and 150 ships stranded
Insurance companies are cancelling war risk coverage for vessels in the Gulf as the widening Iran conflict disrupted shipping, leaving at least four tankers damaged, two seafarers killed and 150 ships stranded around the Strait of Hormuz.
Shipping through the strait between Iran and Oman, which carries around one-fifth of oil consumed globally as well as large quantities of gas, has ground to a near halt after vessels in the area were hit as Iran retaliated to U.S. and Israeli strikes.
The disruption and fears of prolonged closure have caused oil and European natural gas prices to jump, with Brent crude futures up more than 8% as the conflict triggered multiple oil and gas shutdowns in the Middle East.
At least 150 vessels including oil and liquefied natural gas tankers had dropped anchor in the Strait of Hormuz and surrounding waters, shipping data showed on Sunday.
Iran has said it closed navigation through the critical waterway, prompting Asian governments and refiners - key buyers - to assess oil stockpiles.
The tankers were clustered in open waters off the coasts of major Gulf oil producers, including Iraq and Saudi Arabia, as well as LNG giant Qatar, according to ship-tracking data
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