Iran Introduces Insurance Scheme for Ships Passing Through Strait of Hormuz
Iran has introduced a new insurance scheme to facilitate maritime traffic through the strategically vital Strait of Hormuz, which handles 20% of global petroleum and LNG supply. The move comes amid heightened geopolitical tensions following the war between Iran and U.S.-Israel forces in late February, leading to increased risks for shipping firms and insurers. Oil prices have surged near $110 a barrel due to concerns over disrupted supplies.
Topics: bitcoin insurance iran shipping strait of hormuz