War risk insurance for tankers crossing the Strait of Hormuz climbs to about 5 percent of vessel value

According to shipping insurance market reports on Friday, July 17, 2026, war risk insurance premiums for ships have jumped again as tensions in the Strait of Hormuz escalate, reaching about 5 percent of a vessel's hull value per voyage, up from roughly 0.25 percent before the war.

On that basis, a $100 million tanker now faces war risk premiums of about $3 million to $10 million per voyage, versus around $250,000 before the fighting began. Some major insurers have suspended or repriced coverage for the Hormuz and Persian Gulf route.

The sharp rise in these costs is one reason vessel traffic has dropped so steeply and regional energy exports, including Iran's oil, are under pressure.