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Strait of Hormuz Tensions Raise Insurance Costs
The article discusses the impact of tensions in the Strait of Hormuz on the cost and security of ship passage, where an international expert explains that Iranian threats to close the strait could lead to a significant rise in insurance and reinsurance prices. This increase jeopardizes navigation movements and sometimes renders the transit of oil and other goods uneconomical. Additionally, it is noted that higher insurance costs may hinder effective military control of the strait, as the mere threat is sufficient to alter and shift shipping routes and the resulting economic costs.
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