Abu Dhabi National Oil Company: Iranian war has raised shipping insurance costs to 5%-6% of cargo value

1. An executive from the United Arab Emirates National Oil Company stated that, due to the impact of the Iran war, freight insurance costs for the Strait of Hormuz and surrounding waters have risen sharply, now accounting for 5% to 6% of the total cargo value. 2. The executive also revealed that the company is gradually strengthening its direct control over shipping operations to cope with increasing security and operational risks.