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The United Kingdom has decided to send a warship to escort British-flagged oil tankers through the Strait of Hormuz amid increasing Iran-related security concerns, Reuters reported. Iranian commandos seized a British-flagged oil tanker in the Persian Gulf on July 19 after British forces captured an Iranian oil tanker near Gibraltar on July 4. The cost of insuring a ship sailing through the region has increased tenfold, prompting some ship owners to avoid the area entirely.
1. Turkish airlines cancel flights to Iran and Iraq amid war concerns
2. Zurich Insurance to stop underwriting new oil and gas projects
3. Bermudan, European reinsurers to suffer major hit from bridge collapse
4. Tycoon gets death sentence for multi-billion-dollar fraud
5. Inflation drives 10% increase in sum insured for windstorms
6. Apple loses bid to throw out $977M lawsuit over app store fees