Trump said other nations need to do more to help protect navigation from the Middle East in the wake of six attacks on tankers since early May.
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The cost of insuring Middle East oil shipments is soaring as tensions mount in a region responsible for a third of all seaborne petroleum. So-called war risk premiums for a standard oil cargo from the Gulf and the tanker hauling it can now cost upward of $500,000, according to people familiar with the insurance market. While the cost of covering the tankers surged as soon as the most recent attacks happened, the surge in prices for the cargoes only happened over the past week.Underwriters are now aiming to charge anywhere from $150,000 to $325,000 to cover a cargo valued at $130 million, the people familiar with that market said. Insuring the tanker itself now costs in excess of $200,000, based on a $75 million vessel.
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