Insurance companies are cancelling war risk coverage for vessels in the Middle East Gulf as the widening Iran conflict disrupts shipping, leaving tankers damaged or stranded and at least two people dead. One tanker in the region was ablaze on Monday, at least four others were damaged and about 150 ships were stranded. On Sunday there was an attack on a Palau-flagged oil tanker called Skylight. The US-flagged product tanker Stena Imperative was damaged by "aerial impacts" while berthed in the Middle East Gulf, the vessel's owner Stena Bulk and its US manager Crowley said in a statement on Monday. Photo: ReutersAs a result of the incidents, marine insurers are cancelling war risk coverage for vessels, and oil shipping rates are set to surge further.

Source: Otago Daily Times March 03, 2026 13:53 UTC