Iran denies blocking Hormuz, blames insurers as shipping stalls amid war fears
Iran has rejected claims of a blockade in the Strait of Hormuz, stating that the waterway remains open, while disruptions are driven by maritime insurers wary of escalating conflict involving the United States and Israel
Foreign Minister Abbas Araghchi said that freedom of navigation cannot exist without freedom of trade, urging rival parties to avoid military threats and respect sovereignty
He stressed that pressure tactics would not alter Iran’s position or restore confidence among insurers, as long as the risk of conflict persists in the region
Shipping industry reports indicate that war risk insurance premiums have surged sharply, prompting many carriers to suspend transits through the Strait of Hormuz to avoid exposure to potential losses
The development underscores how financial risk and insurance markets are increasingly shaping real-world shipping flows, even without a formal blockade in place