Red Sea War Risk Insurance Costs Surge After Houthi Tanker Strikes

🚢 RED SEA — Insurers are pricing what navies won't admit: the bypass is gone. 📌 LOOK CLOSER: War risk premiums rising on southern Red Sea routes means underwriters are treating Bab el-Mandeb as effectively closed — not damaged, closed. That repricing forces freight costs up on every cargo still attempting the route. European importers absorb the spread. With Hormuz at 6 daily transits, there is no cheap path left for seaborne oil.