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Persian Gulf Now Most Risky for Oil Tankers Since Last Iraq War

  • Insurance group expands list of riskiest locations in the Gulf
  • Four tankers were sabotaged earlier this month in the U.A.E.
A crude oil tanker sails through the Persian Gulf towards Kharq Island.

A crude oil tanker sails through the Persian Gulf towards Kharq Island.

Photographer: Ali Mohammadi/Bloomberg

Not since 2005 have the world’s insurers considered shipping in the Persian Gulf so dangerous for oil tankers.

The Joint War Committee of London’s Lloyd’s Market Association said Friday that it would expand its so-called ‘listed areas’ -- those regions that pose the greatest risks for shipping, and potentially warranting higher insurance costs -- to include the entire Persian Gulf. The last time the entire region held the designation was a period that ended in June 2005 and encompassed the most recent Iraq War. It highlights the growing risks in the world’s most important export region and chokepoint for oil.