War Risk Insurance Premiums Triple for Israel Amid Iran Conflict

War risk insurance premiums for shipments to Israel have surged to three times their level from a week ago as the conflict between Israel and Iran escalates. The cost for a seven-day voyage to Israeli ports now ranges from 0.7% to 1.0% of a ship's value, compared to about 0.2% previously, adding tens of thousands of dollars in daily costs per voyage. This increase follows Iranian missile strikes on Israeli cities and infrastructure, including damage to Israel's largest oil refinery in Haifa, a key port city. Despite nearly 30 vessels anchored in Haifa Bay, port operations continue normally, though shipping companies remain cautious due to the heightened risk. Additional threats come from Yemen's Iran-backed Houthis, who have declared a maritime blockade on Haifa port and vowed to attack Israel-linked vessels. Electronic interference with commercial ship navigation has also risen in the Persian Gulf and Strait of Hormuz, further complicating maritime security in the region.