Persian Gulf Tanker War-Risk Premiums Jump Up to 40-Fold to $3M-$10M per Voyage

War-risk insurance premiums for tankers crossing the Strait of Hormuz and the Persian Gulf have soared as attacks between the United States and Iran intensify. According to maritime-insurance industry reports through mid-July, war-risk cover for a roughly $100 million tanker now runs between $3 million and $10 million per voyage, compared with about $250,000 before hostilities began.

The Lloyd's Market Association Joint War Committee has widened its high-risk designation to cover the entire Persian Gulf, and several major insurers have suspended or repriced war-risk cover for ships transiting the strait. The higher costs squeeze the economics of regional oil exports, including Iran's, and add to global shipping expenses.