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Tanker attacks push insurance rates sky-high

Damaged tanker near Fujairah

Insurance premiums to cover some oil cargo and tankers sailing in the Persian Gulf have surged more than ten-fold to $500,000 after six vessels were attacked in the region since May, Bloomberg reported citing sources. While the cost of covering the tankers surged as soon as the most recent attacks happened, the surge in prices for the cargoes only happened over the past week.

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