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The increase of uncertainty in the Middle East Waterway, the increase of Shipping premiums and the increase of crude Oil Futures Price
Jun 17,2019 12:27CST
translation
Source:SMM
In recent months, there have been a number of attacks on merchant ships in the Middle East, and these incidents have been pushing up international crude oil prices and sea freight and insurance premiums.
The content below was translated by Tencent automatically for reference.

SMM6, 17 March: in recent months, there have been a number of attacks on merchant ships in the Middle East, and these incidents are also constantly pushing up international crude oil prices and sea freight and insurance premiums. Two oil tankers were attacked in the Gulf of Oman near the entrance to the Strait of Hormuz on the 13th, and the ship's insurance premium rose overnight.

Crude oil futures rose on Monday after tensions escalated last week over oil tanker attacks, Secretary of State Pompeo said Sunday that the United States would take all necessary action to ensure the safety of important maritime routes in the Middle East. Brent crude oil futures rose 0.42% to $62.27 a barrel. Us crude oil futures rose 0.29 per cent to $52.65 a barrel.

On the day of the attack, international crude oil prices rose 4.5 per cent, and supertanker freight to and from the Middle East and Asia rose to nearly $13000 a day, up nearly $2000 from a day earlier. Tanker insurance premiums have also gone up outrageously, with insurance for every seven-day period doubling from a few days ago to $200000 a period. Tensions between Iran and the United States have risen since US President Donald Trump withdrew from the Iran nuclear deal last year. Iran has repeatedly warned of a blockade of the Strait of Hormuz if US sanctions prevent Iran from selling oil. Moss, head of shipping and transportation at DWF, a British law firm, believes that the Gulf has not experienced such a volatile situation since the end of the Iraq war in 2003. In the face of this series of unstable factors, insurers will try to increase premiums in the coming year.

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