US and Israeli strikes on Iran trigger oil price surge and war risk cover withdrawal in Arabian Gulf

Following US and Israeli strikes on Iran, war risk underwriters have withdrawn cover for vessels operating in the Arabian Gulf, effectively halting normal commercial shipping operations without alternative insurance arrangements. Freight operators must immediately audit cargo insurance policies and prepare for sharp rate spikes across tanker, container, and LNG segments as carriers reassess Gulf routing. Closure or significant disruption to the Strait of Hormuz — through which approximately 20% of global oil and LNG trade transits — remains a credible near-term risk demanding urgent contingency planning.