Inside the insurance racket Iran wants to run in the Strait of Hormuz — and how it will devastate Western shipping

Federaţia Rusă

As high-stakes negotiations to end the Iran war continue in Switzerland, the maritime industry’s message to the White House is clear: Don’t allow Iran to formalize its tolling racket over the Strait of Hormuz. Iran wants all commercial shipping vessels to register with a newly formed Iranian agency in order to pass through the narrow entry to the oil-rich Persian Gulf — but Western insurance underwriters are refusing to comply, slamming the mandate as a sanctions trap, The Post has learned.