London insurers extends Persian Gulf threat zone after Fujairah attacks | Financial Times

London insurers extends Persian Gulf threat zone after Fujairah attacks | Financial Times:

London’s marine insurance market, which covers the majority of the world’s ships, has upgraded a number of territorial waters in the Persian Gulf to high risk following ship attacks off Fujairah last weekend.

The Joint War Committee, which includes representatives of Lloyd’s of London and the International Underwriters Association of London, said waters off Oman, UAE and the Persian Gulf had been added to a list of areas of “perceived enhanced risks” as they could not rule out further attacks.

The move may increase insurance premiums for oil tankers and other vessels operating near the Strait of Hormuz and the surrounding areas, a key oil choke point that has come under the spotlight as tensions between Saudi Arabia, the US and Iran have intensified.