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Not true. Lloyds of London have started to cancel insurance for ships passing through Hormuz, hence ships turning around and being diverted. They aren’t going to pay for the cleanup of a ship destroyed, carrying oil dumped into the sea.
https://x.com/i/status/2028036040519503930
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TLDR
Ships passing through the Straight of Hormuz, bordering Iran on one side, are facing huge insurance hikes. US & Israeli interests are uninsurable. The transport of millions of barrels of oil per day could be affected. This will push up oil prices with global effects.
Xpost
Twenty million barrels of oil passed through the Strait of Hormuz yesterday.
Today the number may be zero.
Not because Iran mined the water. Not because a tanker was hit. Because Lloyd’s of London picked up the phone.
War risk underwriters began canceling policies for strait transits hours after Operation Epic Fury launched. The Financial Times confirmed premiums surging 50 percent. Baseline war risk sits at 0.25 percent of hull value. For a hundred...
