Approximately 1,000 vessels have gathered in the Persian Gulf in recent days, unable to cross the Strait of Hormuz due to the ongoing conflict in the Middle East, according to Sheila Cameron, head of the Lloyd's Market Association (LMA), which represents insurers in the London insurance market.
Speaking to Reuters, Cameron specified that around 500 of these vessels are oil tankers and gas carriers. The combined insured value of the ships currently in the Gulf exceeds $25 billion. According to Sheila Cameron, at least 40 ships have successfully passed through the Strait of Hormuz since March 1.
The Strait of Hormuz is currently under the control of Iranian forces. The Islamic Revolutionary Guard Corps previously reported that 10 tankers attempting to cross the strait were struck.
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