War-risk insurance for oil tankers rises tenfold, transit times double

War-risk insurance for oil tankers has risen from about 0.05% to at least 0.5% of cargo value, while rerouting around Africa has increased oil-shipment times from 17 to 35 days, energy analyst Ehsan Janabi told Iran’s IRNA. He said disruptions around the Strait of Hormuz and Bab el-Mandeb are raising shipping costs and adding pressure to global energy prices.