Iran's underworld insurance scheme in the Strait of Hormuz

The article reports ongoing negotiations in Switzerland aimed at ending the Iran conflict, focusing on Iran's attempts to impose a tolling system over the Strait of Hormuz. Iran has mandated that all commercial ships register with a newly formed agency and carry Iranian-approved insurance, but Western insurers oppose this, citing sanctions and security concerns. Industry leaders warn that Iran is exploiting the situation to extort global shipping, with international waters remaining mined and difficult to navigate, forcing many ships to reroute through safer, US-protected channels. The situation presents a significant threat to global energy trade, as the Strait of Hormuz is vital for much of the world's oil and natural gas exports.

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