War risk insurance premiums for vessels transiting the Strait of Hormuz have surged again, with rates now ranging between 3% and 10% of hull value.
The sharp increase marks a significant departure from prewar levels and reflects the heightened volatility in one of the world's most critical shipping chokepoints.
The spike in insurance costs comes as renewed military strikes between the United States and Iran cast fresh doubt on the security of global energy supply lines.
According to The National, the premiums remain extremely volatile, signaling that market participants are pricing in a sustained period of elevated risk rather than a temporary disruption.
This development adds to the persistent risk premium already embedded in global markets.
Brent crude futures climbed $3.10, or 4.08%, to $79.11 in early trading, driven by fears that the Strait of Hormuz could face further disruption.