Recent seizures and attacks aimed at oil tankers in the Strait of Hormuz will raise insurance rates for shipping companies and, if unchecked, reduce tanker traffic in the vital waterway, according to energy experts.
Seizures of oil tankers and other hostile Iranian measures in the Strait of Hormuz are already raising insurance rates for shipping companies and could eventually reduce tanker traffic in the vital waterway, with a spike in global oil prices a serious risk even without war, energy and maritime experts say.
The near-term impact will fall most heavily on the shipping industry in the form of higher insurance rates, said Lynch, president of Strategic Energy & Economic Research Inc. The risks will only rise because Iran's leaders, as their economy strains under U.S. sanctions,"feel they have little to lose if they are mischievously provocative" and engage in sabotage, intimidation and other acts short of war, said Larry Goldstein, director of special projects and former president of the industry-backed Energy Policy Research Foundation.
The tensions in the Gulf also pushed oil prices slightly higher. Brent crude, the international standard, rose 0.9% to $62.47 a barrel on Friday, while benchmark U.S. crude gained 0.6% to settle at $55.63.
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