London marine insurers have been seeing fewer inquiries for journeys to transit the Strait of Hormuz, a key waterway in the Middle East, as shipowners grow increasingly cautious amid escalating tensions between the US and Iran.
The cost of war-risk cover for ships passing through the strait has risen, reflecting the heightened risk of attacks and other security threats. Shipowners are pulling back from the region, opting for safer routes that may be longer and more expensive.