Ships in Strait of Hormuz to be 'set ablaze', IRGC official says, as insurers cancel coverage

A senior official in the Iranian Revolutionary Guard Corps (IRGC) has threatened to attack any ship transiting the Strait of Hormuz. This statement comes in response to a US and Israeli attack on Iran. Consequently, the world’s largest insurance providers are canceling war-risk coverage for vessels in the Persian Gulf, a move that could create a de facto closure of the waterway. The closure of this critical chokepoint, which handles about 20 percent of global oil consumption, is already affecting container shipping and prompting the US to consider measures to mitigate rising energy prices.