Reuters has reported a rise in marine insurance premiums for vessels transiting the Strait of Hormuz, following recent developments and the latest escalation surrounding Iran.

Navigation in the Strait of Hormuz has come to a near standstill since Thursday morning, as US airstrikes on Iran continued for a second consecutive day, raising concerns about the security of one of the world's most crucial maritime chokepoints for energy transport.

According to ship tracking data, most recorded maritime movements were concentrated on the navigation channel approved by the Iranian side near the northern part of the strait, while the Omani waterway, backed by the United States, appeared quiet with a noticeable decline in vessel traffic.