<p data-path-to-node="2" id="p-rc_9f1cffdc96420a64-488"><span data-path-to-node="2,0"><b data-path-to-node="2,0" data-index-in-node="0">LONDON / NEW YORK / DUBAI —</b> International energy commodity exchanges and seaborne petroleum distribution networks are confronting fresh operating turbulence as benchmark Brent crude futures hover stubbornly near <b data-path-to-node="2,0" data-index-in-node="212">$99 per barrel</b>, pressured by persistent security frictions, coordinated coalition naval escort logistics, and punitive marine insurance surcharges across Persian Gulf and Arabian Sea shipping lanes</span><span data-path-to-node="2,1"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c1708829769="" class="ng-star-inserted"><sup _ngcontent-ng-c1708829769="" class="superscript"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="2,2">.</span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c3250792215=""><!----></sources-carousel-inline></p><p data-path-to-node="3" id="p-rc_9f1cffdc96420a64-489"><span data-path-to-node="3,0">The elevated pricing plateau—which saw intra-day Brent fixtures fluctuate between $98.60 and $99.40 per barrel alongside West Texas Intermediate (WTI) holding firm above $94 per barrel—reflects acute anxiety among international energy trading desks</span><span data-path-to-node="3,1"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c1708829769="" class="ng-star-inserted"><sup _ngcontent-ng-c1708829769="" class="superscript"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="3,2">. Despite interim de-escalation protocols and diplomatic frameworks, commercial shipowners remain hesitant to dispatch high-value tonnage through the narrow 21-mile-wide transit corridor of the Strait of Hormuz without verified military convoys or sovereign risk mitigation guarantees</span><span data-path-to-node="3,3"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c1708829769="" class="ng-star-inserted"><sup _ngcontent-ng-c1708829769="" class="superscript"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="3,4">. The waterway, which historically facilitates approximately 20% of global seaborne petroleum liquids and key shares of liquefied natural gas (LNG) supplies, continues to operate under high-alert surveillance regimes</span><span data-path-to-node="3,5"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c1708829769="" class="ng-star-inserted"><sup _ngcontent-ng-c1708829769="" class="superscript"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="3,6">.</span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c3250792215=""><!----></sources-carousel-inline></p><p data-path-to-node="4" id="p-rc_9f1cffdc96420a64-490"><span data-path-to-node="4,0">In direct response to persistent electronic interference, GPS spoofing, and localized projectile threat advisories along upper-Gulf approaches, the Lloyd’s Joint War Committee, London-market underwriters, and leading Protection and Indemnity (P&I) clubs have held Additional War Risk Premiums (AWRP) at elevated brackets</span><span data-path-to-node="4,1"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c1708829769="" class="ng-star-inserted"><sup _ngcontent-ng-c1708829769="" class="superscript"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="4,2">:</span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c3250792215=""><!----></sources-carousel-inline></p><ul data-path-to-node="5"><li><p data-path-to-node="5,0,0" id="p-rc_9f1cffdc96420a64-491"><span data-path-to-node="5,0,0,0"><b data-path-to-node="5,0,0,0" data-index-in-node="0">Multi-Million Dollar Hull Surcharges:</b> War-risk hull coverage for unescorted commercial tanker voyages into the Arabian Gulf continues to trade between <b data-path-to-node="5,0,0,0" data-index-in-node="151">7.5% and 10% of total vessel insured value</b> for a standard 7-to-10-day operational entry window</span><span data-path-to-node="5,0,0,1"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c1708829769="" class="ng-star-inserted"><sup _ngcontent-ng-c1708829769="" class="superscript"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="5,0,0,2">. For a modern Very Large Crude Carrier (VLCC) valued at $120 million to $140 million, this liability imposes an immediate upfront cash surcharge ranging from <b data-path-to-node="5,0,0,2" data-index-in-node="159">$9 million to $14 million per voyage</b>, completely overshadowing baseline vessel operational costs and routine bunker fuel disbursements</span><span data-path-to-node="5,0,0,3"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c1708829769="" class="ng-star-inserted"><sup _ngcontent-ng-c1708829769="" class="superscript"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="5,0,0,4">.</span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c3250792215=""><!----></sources-carousel-inline></p></li><li><p data-path-to-node="5,1,0" id="p-rc_9f1cffdc96420a64-492"><span data-path-to-node="5,1,0,0"><b data-path-to-node="5,1,0,0" data-index-in-node="0">Extreme Spot Day-Rate Premia:</b> Tanker pool operators willing to accept high-risk loading calls at Ras Tanura, Basra, and Das Island are quoting spot charter day-rates hovering between <b data-path-to-node="5,1,0,0" data-index-in-node="183">$400,000 and $450,000 per day</b> on the benchmark Arabian Gulf to East Asia corridor</span><span data-path-to-node="5,1,0,1"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c1708829769="" class="ng-star-inserted"><sup _ngcontent-ng-c1708829769="" class="superscript"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="5,1,0,2">. This freight squeeze has widened prompt crude procurement differentials for state-run refiners and private downstream processors across India, China, Japan, and South Korea</span><span data-path-to-node="5,1,0,3"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c1708829769="" class="ng-star-inserted"><sup _ngcontent-ng-c1708829769="" class="superscript"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="5,1,0,4">.</span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c3250792215=""><!----></sources-carousel-inline></p></li><li><p data-path-to-node="5,2,0" id="p-rc_9f1cffdc96420a64-493"><span data-path-to-node="5,2,0,0"><b data-path-to-node="5,2,0,0" data-index-in-node="0">Naval Escort Strains:</b> While coalition task forces and regional naval units have mobilized to conduct structured convoy sailings through international transit corridors, naval escort throughput is naturally capacity-constrained</span><span data-path-to-node="5,2,0,1"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c1708829769="" class="ng-star-inserted"><sup _ngcontent-ng-c1708829769="" class="superscript"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="5,2,0,2">. Commercial tankers waiting for scheduled naval escort windows face multi-day holding intervals in exposed anchorages off Fujairah and Sohar, adding deadweight detention penalties that drive landed freight costs higher</span><span data-path-to-node="5,2,0,3"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c1708829769="" class="ng-star-inserted"><sup _ngcontent-ng-c1708829769="" class="superscript"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="5,2,0,4">.</span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c3250792215=""><!----></sources-carousel-inline></p></li></ul><p data-path-to-node="6" id="p-rc_9f1cffdc96420a64-494"><span data-path-to-node="6,0">To mitigate these risks without stranding critical fuel processing units, international oil companies (NOCs) and trading desks are maintaining extensive logistical hedging operations</span><span data-path-to-node="6,1"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c1708829769="" class="ng-star-inserted"><sup _ngcontent-ng-c1708829769="" class="superscript"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="6,2">. Redundant overland bypass infrastructure—most notably the Abu Dhabi Crude Oil Pipeline (ADCOP) linking onshore Habshan fields to Fujairah's deepwater offshore buoys, alongside the Saudi East-West Petroline to Yanbu—is operating near maximum pumping limits to clear barrels into the Gulf of Oman and Red Sea basins</span><span data-path-to-node="6,3"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c1708829769="" class="ng-star-inserted"><sup _ngcontent-ng-c1708829769="" class="superscript"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="6,4">. Concurrently, offshore lightering and ship-to-ship (STS) cargo transfers off the coast of Oman are seeing sustained utilization, allowing smaller regional shuttle tankers to feed crude into long-haul export supertankers outside the chokepoint</span><span data-path-to-node="6,5"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c1708829769="" class="ng-star-inserted"><sup _ngcontent-ng-c1708829769="" class="superscript"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="6,6">.</span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c3250792215=""><!----></sources-carousel-inline></p><p data-path-to-node="7" id="p-rc_9f1cffdc96420a64-495"><span data-path-to-node="7,0">However, the compounding logistics costs—combining near-$100 upstream crude benchmarks, five-to-six-figure daily tanker charters, and steep AWRP insurance line-items—are cascading downstream across global transport networks</span><span data-path-to-node="7,1"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c1708829769="" class="ng-star-inserted"><sup _ngcontent-ng-c1708829769="" class="superscript"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="7,2">:</span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c3250792215=""><!----></sources-carousel-inline></p><ul data-path-to-node="8"><li><p data-path-to-node="8,0,0" id="p-rc_9f1cffdc96420a64-496"><span data-path-to-node="8,0,0,0"><b data-path-to-node="8,0,0,0" data-index-in-node="0">Bunkering Cost Inflation:</b> Spot quotes for Very Low Sulfur Fuel Oil (VLSFO) and High Sulfur Fuel Oil (HSFO) at major global bunkering stations including Singapore, Rotterdam, and Fujairah have posted consecutive gains, trading between $720 and $750 per metric tonne</span><span data-path-to-node="8,0,0,1"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c1708829769="" class="ng-star-inserted"><sup _ngcontent-ng-c1708829769="" class="superscript"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="8,0,0,2">.</span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c3250792215=""><!----></sources-carousel-inline></p></li><li><p data-path-to-node="8,1,0" id="p-rc_9f1cffdc96420a64-497"><span data-path-to-node="8,1,0,0"><b data-path-to-node="8,1,0,0" data-index-in-node="0">Container Tariff Revisions:</b> Container liner alliances are using the sustained energy floor to validate their newly published Q4 Bunker Adjustment Factor (BAF) and emergency conflict surcharges, pushing landed import tariffs higher for retail merchandise and industrial components</span><span data-path-to-node="8,1,0,1"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c1708829769="" class="ng-star-inserted"><sup _ngcontent-ng-c1708829769="" class="superscript"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="8,1,0,2">.</span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c3250792215=""><!----></sources-carousel-inline></p></li><li><p data-path-to-node="8,2,0" id="p-rc_9f1cffdc96420a64-498"><span data-path-to-node="8,2,0,0"><b data-path-to-node="8,2,0,0" data-index-in-node="0">Industrial Feedstock Squeezes:</b> Coastal refineries that depend on regular middle distillate and naphtha parcels from Gulf crackers are experiencing compressed processing margins, forcing select chemical manufacturing hubs to trim throughput rates to avoid negative inventory margins</span><span data-path-to-node="8,2,0,1"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c1708829769="" class="ng-star-inserted"><sup _ngcontent-ng-c1708829769="" class="superscript"><!----></sup></source-footnote><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----></span><span data-path-to-node="8,2,0,2">.</span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c3250792215=""><!----></sources-carousel-inline></p></li></ul><p data-path-to-node="9" id="p-rc_9f1cffdc96420a64-499"><span data-path-to-node="9,0">Energy shipping analysts and marine freight strategists observe that as long as unescorted commercial navigation through the Strait of Hormuz carries prohibitive insurance liabilities, global energy supply chains will remain structurally anchored to elevated freight rate baselines and contingency routing, keeping landed energy costs high well into the final quarter of the year</span><span data-path-to-node="9,1"><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><!----><source-footnote _nghost-ng-c1708829769="" class="ng-star-inserted"><sup _ngcontent-ng-c1708829769="" class="superscript"></sup></source-footnote></span></p>
Brent Crude Hovers Near $99 as Persian Gulf Tanker Escorts and War-Risk Surcharges Compound Operating Costs
Despite interim de-escalation protocols and diplomatic frameworks, commercial shipowners remain hesitant to dispatch high-value tonnage through the narrow 21-mile-wide transit corridor of the Strait of Hormuz without verified military convoys or sovereign risk mitigation guarantees. The waterway, which historically facilitates approximately 20% of global seaborne petroleum liquids and key shares of liquefied natural gas (LNG) supplies, continues to operate under high-alert surveillance regimes.
