Iran conflict 3 months, continued volatility in oil prices and shipping costs
It has been 3 months since Iran-related clashes began. Threats to commercial vessels, route changes and rising insurance premiums have continued to cause volatility in crude oil and maritime logistics costs.
![Iran conflict 3 months, continued volatility in oil prices and shipping costs]/blog-images/gen-d1d571b8-a36c-45e3-9432-f22255e983aa.jpg)
It has been 3 months since tensions related to Iran began. During this period, threats and incidents targeting commercial vessels have been reported repeatedly. Maritime safety warnings have followed one after another, and concerns about international maritime traffic have persisted.
Traffic by tankers and cargo ships passing through the Strait of Hormuz has been affected. Some shipping companies changed transit times and operating plans. Cases have been reported in which route changes increased voyage distances and travel times.
War-risk insurance premiums in the marine insurance market have reportedly risen. With insurance coverage narrowing, some shipowners sought additional insurance or postponed sailing schedules. There are signs that insurers are strengthening their risk assessments.
As crude oil and refining logistics flows changed, trading patterns shifted. Some buyers moved to replace regional supply. This increased price volatility in the international crude oil market.
Naval escorts and heightened security increased to ensure the safety of shipping routes. Ship safety notices and route alerts were issued frequently. Unloading schedules at some ports were delayed, or waiting times increased.
Developments so far are having a direct impact on supply chains and shipping costs. Shipowners and cargo owners are reassessing costs and safety. Relevant agencies continue to issue updates on route conditions.
Sources: Reuters
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