Approximately 25% of the “global seaborne oil trade” transits through the Strait of Hormuz, according to the Energy Information Administration (EIA). The industry veteran sees continued insurance withdrawal and Iranian destruction of “significant critical infrastructure in Saudi Arabia, the UAE, and Qatar” as “a combination that would send oil prices – and thus, gasoline prices – soaring.” (RELATED: Iran War Reportedly Leaves Oil Tankers Stranded Amid Global Shipping Crisis) The DFC offer “will not resolve the insurance issue for the shippers on a permanent basis – they will still need to work out long-term coverage for their cargoes with major insurance carriers like Lloyd’s of London,” according to Blackmon.
Author: Benjamin Roberts
Published at: 2026-03-04 23:31:58
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