@#15 ... Do those effect the global price? ...
So what does effect the global price of oil?
OK, first and foremost --- supply vs demand.
Then, secondarily, the cost of that supply.
Strait of Hormuz Insurance Rates Explained: What War-Risk Cover Costs in 2026
thebostonreport.com
... Insuring a tanker for a single trip through the Strait of Hormuz now costs about 6% to 10% of the ship's hull value in war-risk premiums, insurance brokers told the Financial Times in early October 2026. Before the U.S.-Israeli war with Iran began on Feb. 28, the same cover typically cost 0.15% to 0.25%. For a $100 million tanker, that is the difference between about $250,000 and $6 million to $10 million for one voyage. The Financial Times reported that this can mean up to $20 million in war insurance for one supertanker voyage into the Gulf. ...
So, the tankers that do get through have to pay a much larger insurance cost.
Also ...
Strait of Hormuz shipping costs surge as tanker crews command danger pay (July 2026)
tradersunion.com
... As first reported by the Financial Times, tanker owners are offering sharply higher wages and voyage bonuses to persuade seafarers to keep sailing through the Strait of Hormuz as Iranian attacks intensify. People close to tanker owners and crews say ordinary sailors are receiving at least four to six times their normal pay during each transit, while crews already get double pay in the southern Red Sea and Gulf of Oman.
Because many of the voyages are made by dedicated tankers on regular shuttle runs, some crews are able to earn the elevated rates for months at a time. A captain, or master, typically earns about $15,000 a month under normal conditions, while regular sailors can start at about $1,500 a month, highlighting how sharply compensation has increased.
Freight markets are reflecting the same risk premium. Rates for cargoes moving through the waterway have reached a record $1.3 million a day this week, up from roughly $20,000 to $50,000 a day last year, with only a limited number of ships willing to make the trip and transfer cargoes to other tankers waiting off Fujairah in the Gulf of Oman. ...
That was back in July ...
