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Insurers Halt 20 Million Barrels: Strait of Hormuz Effectively Closed Without a Shot Fired
Posted on 3/1/26 at 1:03 am
Posted on 3/1/26 at 1:03 am
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TLDR: For those short on time:
- Global oil transit through the Strait of Hormuz stopped due to insurance cancellations.
- US military power cannot compel private underwriters to provide maritime risk coverage.
- War risk premiums for tankers increased 50% following Operation Epic Fury.
- Vessels with US or Israeli links are currently uninsurable for strait passage.
- Major shipping fleets suspended all transits despite no kinetic attacks on vessels.
- Diversion pipelines handle only 3 million of the 20 million daily barrels.
- Analysts project global oil prices reaching 130 dollars per barrel if blockage persists.
9
Posted on 3/1/26 at 1:12 am to Street Hawk
No problem, most of us have been holding Exxon stock for years. This is actually very good for oil.
Posted on 3/1/26 at 1:12 am to Street Hawk
Everytime I turn around insurance and taxes are fricking me
Posted on 3/1/26 at 1:12 am to Street Hawk
The price for fuel for Americans will go up as well? Even with access to Venezuelan oil? I am sure this will only be a short time set back until the situation on the ground is settled.
Posted on 3/1/26 at 1:13 am to Street Hawk
Outlaw insurance.
People keep your money.
People keep your money.
Posted on 3/1/26 at 1:28 am to OysterPoBoy
The ships are free to sail through without insurance if the shipping company wants to take that risk.
The insurance companies are jacking their premiums up because there’s a significantly higher risk than normal. Insurance company is just reacting to the situation at hand
The insurance companies are jacking their premiums up because there’s a significantly higher risk than normal. Insurance company is just reacting to the situation at hand
Posted on 3/1/26 at 2:20 am to Street Hawk
I start ATW cruise on March 7th which was scheduled to transit the Suez Canal. I figured a 5% chance the itinerary would not be changed but now I am at 100% chance that we are sailing around South Africa instead of the Suez Canal.
Posted on 3/1/26 at 6:40 am to Tiger Prawn
quote:
The ships are free to sail through without insurance if the shipping company wants to take that risk.
If they are paid a lot more, they will take the risk.
Posted on 3/1/26 at 6:59 am to Street Hawk
quote:
Closed Without a Shot Fired
Several shots were fired
Posted on 3/1/26 at 7:07 am to Street Hawk
quote:
Strait of Hormuz Effectively Closed Without a ShotFired.
Posted on 3/1/26 at 7:21 am to Street Hawk
BabyTac approves of no insurance!
Posted on 3/1/26 at 7:25 am to Street Hawk
There were ship still going through it.
He's wrong.
There are anchorages on either end of the Strait, one off of UAE the other off of Oman. Ships wait in them until called to load
He's wrong.
There are anchorages on either end of the Strait, one off of UAE the other off of Oman. Ships wait in them until called to load
Posted on 3/1/26 at 7:49 am to UptownJoeBrown
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