Renewed attacks on commercial vessels in the Persian Gulf and Strait of Hormuz are maintaining pressure on maritime security and marine war-risk insurance, despite a partial recovery in oil prices following a sharp selloff after the US midterm elections.
Iran’s Islamic Revolutionary Guard Corps (IRGC) claimed that two oil tankers had struck sea mines and caught fire while attempting to navigate through the Strait of Hormuz and nearby waters.
The announcement followed Iranian reports that five tankers and a tugboat had been involved in similar incidents the previous day. However, maritime authorities have not independently confirmed the reported mine strikes, and the identities of the vessels have not been established.
Key highlights
- Iran’s Revolutionary Guards claimed two additional tankers struck mines near the Strait of Hormuz on November 6, although the incidents remain independently unverified.
- A suspected missile attack on the MT Velos Sapphire in the Persian Gulf killed one seafarer, highlighting continuing threats to commercial shipping.
- Marine insurers face elevated exposure to missile strikes, mines and vessel damage, while Brent crude rebounded 2.2% to $96.70 a barrel on November 5.
Separately, a seafarer was killed in a suspected missile attack on a tanker operating in the Persian Gulf, according to the vessel’s management company.
The incidents underscore the continuing threats facing shipowners, operators and insurers responsible for vessels moving through one of the world’s most important energy transportation corridors.
Tanker attacks continue near Strait of Hormuz
Iran’s Revolutionary Guards said two tankers struck mines after entering shipping routes that Tehran considers unauthorized.
According to Iranian state media, one vessel was located east of the Strait of Hormuz, while the second was operating inside the waterway.
The IRGC claimed that both vessels had disabled their navigation and identification systems before attempting to transit the area (see How Countries Combat Russia’s “Shadow Fleet” with Insurance Inspections).
Iranian officials said the vessels caught fire and became immobilized after striking mines. The claims have not been independently verified. US Central Command has previously maintained that mines had been cleared from the principal shipping routes through the strait.
The conflicting accounts add uncertainty to maritime security assessments, particularly for vessels operating outside established transit corridors.
Since the conflict involving Iran, the United States and Israel began on February 28, 2026, commercial shipping through the region has faced repeated disruptions.
The Strait of Hormuz normally handles oil shipments equivalent to approximately one-fifth of global petroleum consumption, making interruptions particularly significant for energy markets.
Seafarer killed in suspected missile attack on MT Velos Sapphire
The continuing danger to commercial vessels was highlighted by an attack on the Marshall Islands-flagged oil products tanker MT Velos Sapphire.
Greek management company Velos Tankers reported on November 6 that one crew member had died following an explosion believed to have resulted from a missile strike.
The tanker was sailing without cargo toward Bahrain when the incident occurred. The crew extinguished a fire caused by the explosion, and the company reported no additional injuries or pollution. The vessel was subsequently taken to Bahrain’s Khalifa Bin Salman Port.
An investigation is expected to establish the circumstances of the attack and assess the extent of damage to the ship’s hull.
Unlike the alleged mine incidents reported by Iran, the attack on MT Velos Sapphire and the crew fatality were confirmed by the vessel’s manager.
The incident also illustrates that maritime threats are not confined to the immediate approaches to the Strait of Hormuz.
Marine war-risk insurance remains under pressure
The continuing attacks are particularly relevant to the marine insurance market, where coverage for vessels operating in conflict areas can involve additional premiums and specific war-risk conditions.
Standard marine hull insurance generally excludes losses directly arising from war-related events unless separate protection has been arranged.
War-risk insurance can provide coverage for physical damage caused by military hostilities, including missiles, mines and other weapons.
War-risk insurance for vessels transiting the Strait of Hormuz has surged twelvefold. Rates now reach 3% of hull value, up from roughly 0.25% before U.S. and Israeli strikes on Iranian targets and Tehran’s missile and drone response.
Shipowners may also require protection for war-related liabilities involving crew injuries, fatalities, pollution and wreck removal.
Protection and indemnity (P&I) insurers have warned that standard liability policies may exclude claims arising from acts of war.
Britannia P&I, in guidance issued following the escalation of the Middle East conflict, explained that its ordinary P&I cover excludes certain liabilities caused by military hostilities, including missile strikes and naval mines.
Additional war-risk arrangements can provide protection for liabilities that fall outside standard policies, subject to applicable limits, exclusions and contractual conditions.
The attack on MT Velos Sapphire illustrates the potential complexity of such claims.
Depending on the vessel’s insurance arrangements, the incident could involve hull damage, crew-related liabilities and additional expenses associated with repairs and disruption.
However, the existence, terms and limits of insurance covering the tanker have not been publicly established (see Black Sea War Risk Expansion Raises Shipping Insurance Costs).
It is therefore not possible to determine whether the incident will result in an insured claim or how any loss would be allocated among insurers.
Shipping insurance costs depend on conflict developments
Marine war-risk premiums are influenced by the security situation in the operating area, the value and type of vessel, voyage arrangements and the willingness of insurers to provide capacity.
A prolonged conflict can increase the cost of insuring voyages through exposed waters, particularly when attacks involve multiple types of weapons and affect routes outside established high-risk areas.
Insurance costs are only one component of the financial pressure facing shipping companies.
Operators must also consider potential delays, additional security arrangements, crew safety requirements and contractual obligations to cargo owners.
For tanker operators, these expenses can influence decisions about whether to transit the Strait of Hormuz, delay voyages or use alternative arrangements where available.
Higher insurance and transportation costs may also affect the delivered price of oil and petroleum products.
Nevertheless, the effect on insurance premiums cannot be quantified from the latest incidents alone, particularly while the reported mine strikes remain unconfirmed.
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AUTHORS: Yana Keller – Re/Insurance Editor at Beinsure, Oleg Parashchak – CEO Finance Media & Editor-in-Chief at Beinsure
