Insurers told ship owners on Saturday they would cancel policies and raise coverage prices for vessels travelling through the Gulf and Strait of Hormuz after the US and Israel attacked Iran.
War risk insurers on Saturday submitted cancellation notices for policies covering ships moving through the key oil chokepoint, brokers told the FT, with prices set to rise as much as 50 per cent in the coming days.
The unusual move to submit these notices before trading resumes on Monday underscores the pace of escalation after Iran launched retaliatory strikes against US bases across the Middle East.
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