The silent power behind the global oil trade :: Mmegi Online

In every Middle East crisis, public attention turns first to missiles, fleets, and air power. That is understandable, but it misses the mechanism that often delivers the first real economic shock.

Oil does not move through a war zone just because a tanker is physically capable of sailing. It moves only when financiers, charterers, cargo owners, and insurers accept the risk. That is why the Joint War Committee, the International Underwriting Association risk list, and the March 2026 circular that revised listed areas matter far more than many politicians admit. As Reuters reported, once London market underwriters expand a high-risk designation, shipping costs jump immediately. My view is simple: modern oil warfare is not only fought with weapons. It is fought through actuarial judgment, contract language, and the price of fear.

The Strait is not just

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The silent power behind the global oil trade

In every Middle East crisis, public attention turns first to missiles, fleets, and air power. That is understandable, but it misses the mechanism that often delivers the first real economic shock.

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