Middle East conflict escalates
Iran’s foreign minister said the war with Israel and the U.S. will “continue as far as needed” after US‑Israeli strikes that killed Iran’s supreme leader — a statement that amplifies risks to shipping through the Strait of Hormuz, reported. The exchanges of missiles and drones are exposing legal and strategic gaps in maritime security and global energy governance, widening fault lines for insurers, shippers and energy markets, argued.
Shipping through the Strait of Hormuz has “almost come to a halt” since March 1, with roughly 3,200 vessels affected, according to MaritimeNews reporting. (maritimenews.com) Major marine war‑risk underwriters have pulled cover and war‑risk premiums have surged, prompting carriers including Maersk, CMA CGM and Evergreen to suspend Gulf services and declare force majeure, Container Magazine and CNBC reported. (container-mag.com) About 20 million barrels per day of crude and oil products transited the strait in 2025, a flow that the International Energy Agency said has “slowed to a trickle” since the conflict began, while supertanker charter rates hit record highs, FactCheck.org and CNBC noted. (factcheck.org) QatarEnergy and other Gulf producers have declared force majeure on LNG and oil deliveries, and law firms warn that English‑law force‑majeure clauses and charterparty safe‑port wording will be tested in hundreds of disputes, Whiteford and WFW counsel advisories show. (whitefordlaw.com) U.S. defense officials said the Pentagon destroyed 16 Iranian mine‑laying vessels amid operations to keep shipping lanes open, while naval analysts now consider missiles — not just mines — the principal near‑term threat to merchant traffic in the Strait, USNI and NBC reported. (nbcnews.com) To stabilize trade, Washington has proposed a government insurance backstop and tapped the DFC to underwrite Persian Gulf sailings, a plan container and U.S. outlets say could total about $20 billion as insurers withdraw, according to Container Magazine and CBS News. (container-mag.com)
