Insurance broker Gallagher has advised clients to avoid voyages through the Red Sea following a recent attack on an oil tanker, marking a significant escalation in the insurer's risk assessment for the critical trade route.
The warning comes as maritime security in the Middle East continues to deteriorate, with multiple incidents reported in recent days that have heightened concerns among shipping operators and energy traders.
The advisory reflects growing unease within the insurance market regarding the safety of commercial vessels transiting the Bab el-Mandeb strait.
While specific details of the tanker incident were not fully elaborated in the initial report, the decision by a major global insurer to issue a blanket avoidance recommendation suggests that underwriting conditions are tightening and premiums for Red Sea transit are likely to rise further.
This development adds another layer of complexity for companies relying on the Suez Canal route for energy and goods shipments.
The Red Sea has become a focal point of geopolitical tension, with previous reports indicating attacks on cargo vessels and oil tankers in the region.