Iran’s new transit permit and insurance regime adds another layer of complexity, while soaring tanker insurance costs and information gaps continue to widen the disconnect between physical oil market risks and relatively calmer futures prices.

Ships in the Strait of Hormuz face uncertainty and safety concerns as the Trump administration continues to negotiate peace with Iran.

Oil prices surged Monday as shipping through the Strait of Hormuz slowed amid escalating tensions. Talks between U.S. and Iranian officials began on a rocky note, with Iran citing…