Trump announces US naval blockade deepening insurance crisis
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The US has announced a naval blockade of Iranian ports, which is expected to further disrupt global energy markets and create complex insurance issues. The blockade, which begins Monday, will apply to vessels of all nations trading with Iranian ports, but not to ships transiting the Strait of Hormuz to and from non-Iranian ports.
The US has announced a naval blockade of Iranian ports. The blockade begins Monday and applies to vessels of all nations trading with Iranian ports. It does not extend to ships transiting the Strait of Hormuz to and from non-Iranian ports. The move is expected to disrupt global energy markets and create complex insurance issues. War risk premiums have already surged fivefold since US and Israeli forces launched airstrikes against Iranian targets on February 28. The Lloyd's Market Association has redesignated the entire Arabian Gulf as a conflict zone.
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