Maritime insurers cancel war risk cover in Gulf: Will it spike energy cost?

Al Jazeera Economic ImpactNews ReportEN 5 min read 100% complete by Sarah ShamimMarch 3, 2026 at 12:43 PM

Part of Story

Dark haze over Tehran as US-Israeli forces bomb oil storage facilities

AI Summary

long article 5 min

Insurance companies have cancelled war risk coverage for vessels in the Middle East Gulf due to the escalating United States/Israel-Iran conflict. The IRGC announced that the Strait of Hormuz was "closed" and any vessel attempting to pass through would be set ablaze. At least five tankers have been damaged, two personnel killed, and around 150 ships are stranded in the area. The disruption has caused oil and European natural gas prices to jump, with Brent crude futures increasing by up to 13%. The conflict has triggered multiple oil and gas shutdowns in the Middle East. Insurers cancelled war risk coverage after vessels were hit by drones and projectiles, leaving tankers damaged or stranded.

Article Analysis

Framing Angle

Economic Impact

Primary framing

Conflict

Secondary framing

Measured

Sensationalism

Factual

Fact vs Opinion

OpinionFactual

Sources Cited

Well sourced

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Key Claims (5)

AI-Extracted

Brent crude futures are up as much as 13 percent.

statistic — Al Jazeera100% confidence

A commander in Iran’s Revolutionary Guard Corps (IRGC) said the strait was “closed”.

quote — IRGC Commander100% confidence

Insurers are cancelling war risk coverage for vessels in the Middle East Gulf.

factual — Al Jazeera100% confidence

At least five tankers have been damaged, two personnel killed and about 150 ships stranded around the strait.

statistic — Al Jazeera90% confidence

Shipping through the Strait of Hormuz has ground to a near halt.

factual — Al Jazeera90% confidence

Claims are automatically extracted and should be independently verified. Attribution indicates the stated source of the claim.

Key Entities & Roles

Key Player Opposition Context

Qatar 30% Saudi Arabia 30% Iraq 30% Oman ×260% Israel ×275% United States ×380% Islamic Revolutionary Guard Corps (IRGC) ×285% Iran ×690% Strait of Hormuz ×695%

Keywords

strait of hormuz 100% war risk coverage 90% shipping disruption 80% tanker attacks 80% maritime insurance 70% middle east gulf 70% energy cost 60% oil prices 60% vessel damage 50% irgc 40%