The threat to oil tankers in the Middle East has reached its highest level since the onset of the Iran war, according to analysts cited by BBC News. This escalation is linked to the ongoing U.S.-Israeli conflict with Iran, which has increasingly involved maritime attacks on commercial vessels in the Strait of Hormuz and nearby Gulf waters. Shipping traffic through this strategic chokepoint, through which a large portion of the world’s oil flows, has significantly decreased due to alleged threats and attacks by Iranian forces. War-risk insurance costs have risen and disruptions are affecting an already tense region. Market pricing suggests the probability of a return to normal traffic by August 31 is only 12.5%.
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