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More than one week into the U.S.-Israel war on Iran, traffic through the Strait of Hormuz has trickled away to virtually nothing. Oil prices and global anxieties have both spiked, which in turn have prompted U.S. President Donald Trump to suggest the U.S. Navy might escort merchant vessels through the crucial strait. That’s a risky proposition in itself, but there’s also no concrete plan on the table yet, despite Trump’s efforts on Monday to calm markets. Until then—whenever and however that happens—the violence will continue and the turbulence in global oil and commodities markets with it.

In the first days of the war, many shipping watchers, including yours truly, focused on the insurance rates for ships needing to pass through the perilous Strait of Hormuz, when insurers appeared to be covering all deals. Now, a slightly different picture is beginning to emerge. Some insurance, most especially war insurance, is available, except for ships linked to the United States and Israel. Unsurprisingly, maritime war insurers are providing the most comprehensive coverage.

More than one week into the U.S.-Israel war on Iran, traffic through the Strait of Hormuz has trickled away to virtually nothing. Oil prices and global anxieties have both spiked, which in turn have prompted U.S. President Donald Trump to suggest the U.S. Navy might escort merchant vessels through the crucial strait. That’s a risky proposition in itself, but there’s also no concrete plan on the table yet, despite Trump’s efforts on Monday to calm markets. Until then—whenever and however that happens—the violence will continue and the turbulence in global oil and commodities markets with it.

In the first days of the war, many shipping watchers, including yours truly, focused on the insurance rates for ships needing to pass through the perilous Strait of Hormuz, when insurers appeared to be covering all deals. Now, a slightly different picture is beginning to emerge. Some insurance, most especially war insurance, is available, except for ships linked to the United States and Israel. Unsurprisingly, maritime war insurers are........

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