The escalating Israel-Iran conflict has prompted shipowners to exercise an extra degree of caution in both the Red Sea and the Strait of Hormuz.

The escalating Israel-Iran conflict has prompted shipowners to exercise an extra degree of caution in both the Red Sea and the Strait of Hormuz.

Any closure of the strait could choke oil flows vital to Asian economies, analysts warn.

Incident in strategic waterway said to be ‘not security related’ despite potential effects of conflict.

The scramble to reassess shipping insurance costs reflects the deteriorating security environment in the Middle East.

Oil giant prepares contingency plans if Middle Eastern conflict blocks crucial trade route