The insurers of oil tankers have cancelled their policies due to the US/Iran war. If the price increase by up 50% that means food prices, essentials, etc. will increase by up to 50% too since they are trucked to the stores.Brokers have told the FT that war risk insurers have submitted cancellation notices for policies covering ships moving through the Strait of Hormuz, a key oil chokepoint, with prices set to rise as much as 50% in the coming days https://t.co/GPTUFWCZhC pic.twitter.com/1EsEp5Tax0
— Financial Times (@FT) February 28, 2026
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