# Shipping insurance costs surge as key straits close

Maritime insurers are raising rates sharply for vessels transiting the Strait of Hormuz and Bab al-Mandeb, which have effectively shut down due to regional conflicts. The closures threaten global oil and goods shipments, potentially driving up costs for consumers worldwide.

**Importance:** 4/5

## Sources

### World
- [Al Jazeera](https://www.aljazeera.com/economy/2026/7/23/how-shipping-insurance-rates-are-rising-as-hormuz-bab-al-mandeb-shut-down?traffic_source=rss) — Thu, 23 Jul 2026 14:19:30 +0000