The heightened tension in the Middle East and security risks in the key waterways around the Arabian Peninsula have prompted the world’s most influential marine insurers’ organizations to expand their high-risk areas in and around the Persian Gulf—a region which now represents the highest risk to oil tanker traffic in nearly a decade and a half. The higher perceived risks for oil shipping around many of the world’s most important chokepoints could lead to higher insurance costs for the dozens of millions of barrels of oil per day that pass through the key oil shipping lanes in the region, and could sift through in higher crude oil prices, industry executives tell The Wall Street Journal . Following last week’s incidents near the United Arab Emirates (UAE) and a drone attack on a key onshore oil pipeline in Saudi Arabia, the Joint War Committee of Lloyd’s Market Association—which includes underwriting […]