After the end of the Iran-Iraq tanker war during 1980-1988, maritime analysis firm Lloyd’s List made two important points summarizing the conflict in the Gulf. First, had shipping not been attacked, the war would “almost certainly have remained a local conflict.” Second, the war would be remembered for the fact that Iran “did not carry out its threat to block the Strait of Hormuz” (MEES, 19 December 1988).
Four decades later, for the first time in history, Iran has effectively closed the Strait of Hormuz. The shockwaves are spreading across the world, with buyers of Middle East oil and gas rushing to find alternatives, pushing up prices for everyone. At least eight vessels have been damaged by Iranian strikes or debris from interceptions over the Gulf, and major maritime insurers cancelled existing war risk coverage for vessels operating in the region as the London-based Joint War Committee (JWC) extended the war risk zone to the entire Gulf and coast of Oman. (CONTINUED - 853 WORDS)
