Seizures of oil tankers and other hostile Iranian measures in the Strait of Hormuz are already raising insurance rates for shipping companies and could eventually reduce tanker traffic in the vital waterway, with a spike in global oil prices a serious risk even without war, energy and maritime experts say.
On Friday, Iran seized a British-flagged oil tanker in the narrow passageway that carries one-fifth of the world’s crude exports and a second Liberian-flagged ship was briefly detained. Britain’s foreign minister promised a “considered but robust” response.
“If this kind of problem continues, you might see people start to shy away from the (Persian) Gulf or try to reflag – not be a British tanker,” said energy economist Michael Lynch. Read more
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