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The dangers to vital oil tanker and goods voyages have been growing daily as Saudi Arabia and Iran gear up to fight against each other in the Yemen war, reports Reuters.
Millions of oil barrels pass through the Bab el-Mandeb strait and Strait of Hormuz, which pass along the coasts of Yemen and Iran, respectively.
Insurance costs for shippers are expected to increase.
If the situation "gets really bad, insurers may altogether stop covering calls to the badly affected areas," said an official.