Several marine insurers said they are cancelling war risk cover for ships due to the conflict in Iran and the Gulf. Insurers including Gard, Skuld, NorthStandard, the London P&I Club and the American Club said their cancellations will take effect from 5 March.
According to notices dated 1 March on their websites, war risk cover will be excluded in Iranian waters, as well as the Gulf and adjacent waters.
Skuld added in its notice that it was working on a buy-back option to reinstate cover.
Japan's MS&AD Insurance Group told Reuters it had suspended underwriting of a range of insurance policies covering war risks in the waters around Iran and Israel and neighbouring countries.
Tensions in the Middle East have escalated sharply after the U.S. and Israeli forces launched strikes on Iran over the weekend, prompting Tehran to say it had closed navigation through the Strait of Hormuz, a key chokepoint for global oil and gas flows.
Several tanker owners, oil majors and trading houses have since suspended crude, fuel and liquefied natural gas shipments through the narrow waterway, and satellite data has shown vessels accumulating near key United Arab Emirates ports such as Fujairah.
Ship-tracking data on Sunday showed the disruption growing, with at least 150 tankers - including crude and LNG carriers - anchored in open Gulf waters beyond the Strait of Hormuz and dozens more stationary on the other side of the chokepoint.
The risks intensified further after at least three tankers were damaged off the Gulf coast and one seafarer was killed.
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Right-wing Brazilian Senator Flavio Bolsonaro will face leftist President Luiz Inacio Lula da Silva in a runoff of the presidential election later this month, after he exceeded expectations in Sunday's first-round vote with a slight lead over the incumbent.
Iran's Oil Minister Mohsen Paknejad has resigned, with Hamid Bovard, chief executive of the state-owned National Iranian Oil Company (NIOC), appointed as acting oil minister, according to Iranian state media.
Australian counterterrorism authorities are examining the links of the co-pilot accused of attacking the captain and attempting to take control of a flydubai flight bound for Israel. Authorities in New Zealand have also said they are investigating reports the suspect had spent time in that country.
Candidates elected to Bosnia and Herzegovina's three-member presidency declared victory after preliminary unofficial results showed Denis Becirovic leading the Bosniak seat, Darijana Filipovic ahead in the Croat seat and Zeljka Cvijanovic likely retaining the Serb seat.
Iran says the Strait of Hormuz will remain closed until the United States meets seven conditions agreed under a June memorandum, as President Donald Trump signals he may soon decide whether to resume military operations against Tehran.
Türkiye and Pakistan are to deploy military personnel to Saudi Arabia, after the three countries agreed to activate their joint defence pact in response to attacks by Yemen's Houthi militants.
Regional powers gathered in Moscow on Monday for talks on Afghanistan, focusing on security, economic cooperation and Kabul’s relations with its neighbours.
Four major German political foundations have halted their work in Georgia as tighter rules on foreign grants put pressure on a decades-old partnership and add to tensions between Tbilisi and its European partners.
The U.S. has deployed two additional Patriot missile batteries to the Gulf, protecting key energy facilities in Saudi Arabia and Qatar as Washington expands its military presence in the Middle East amid heightened tensions with Iran.
Iranian Foreign Minister Abbas Araghchi and his Armenian counterpart Ararat Mirzoyan held talks in Tehran on Monday on bilateral ties and efforts to strengthen peace and security in the South Caucasus.
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