About one-fifth of the world’s seaborne oil still moves through the Strait of Hormuz — and Iranian state television has broadcast footage showing Revolutionary Guard forces boarding two cargo vessels there. Iran named the Liberia-flagged Epaminondas and the Panama-flagged MSC Francesca, saying the ships lacked required permits and their navigation systems had been tampered with. The seizures raise risks for insurers and shippers and add pressure on oil markets amid mixed messages from Washington and Tehran over a ceasefire extension.

What Iran showed and who was involved State television released a clip showing masked, armed men boarding container vessels by ladder and moving through engine rooms, a sequence state outlets described as Revolutionary Guard commandos seizing two ships. The vessels named by Iranian authorities were the Epaminondas, flying a Liberian flag, and the MSC Francesca, registered to Panama. Technomar Shipping Inc., identified as the Epaminondas' operator by maritime trackers, confirmed the vessel had been boarded by Iranian forces. Iran said crews or owners had not obtained permits required by Tehran and accused the vessels of tampering with navigation systems. Tehran has at times sought detailed information about cargo, ownership and crew for ships transiting the strait and, in some cases, imposed a levy of about $1 per barrel on oil and oil products or a flat fee on large tankers, according to maritime reports cited by analysts. Karoline Leavitt, White House press secretary, told U.S. media the ships were not American and not Israeli, limiting direct U.S. attribution of the incident to a truce violation while acknowledging the broader international stakes. Torbjorn Soltvedt, principal Middle East analyst at risk intelligence firm Verisk Maplecroft, said conflicting public statements about whether passage is permitted have left commercial operators uncertain about the rules of transit. Impact on shipping and insurance costs Underwriters and brokers say state seizures typically prompt a repricing of maritime risk around the Gulf because state action is treated differently from non-state piracy and can trigger complex policy exclusions. Key commercial impacts include: - Higher premiums: War-risk and kidnap-and-ransom cover for ships operating near Iran are likely to rise when a state actor boards vessels. - Legal uncertainty: State seizures can lead to protracted disputes over responsibility and compensation; P&I clubs (mutual insurers for shipowners) may challenge claims depending on charter terms, flag state and circumstances. - Operational costs: Ships delayed or rerouted to avoid Hormuz add voyage time and fuel burn; previously imposed levies (about $1 per barrel or lump sums for big tankers) are factored into voyage costs. - Margin pressure: Longer sailings, higher insurance and ad hoc charges squeeze margins for carriers and charterers. Oil markets and supply risk Before the conflict, roughly one-fifth of global seaborne oil flows transited the Strait of Hormuz. Even partial closures or the appearance of state control can increase the risk premium in oil prices because traders see a higher chance of disrupted flows and constrained refining feedstock. Physical impacts may include tankers anchoring or diverting to longer routes, which adds cost and reduces throughput. Market participants and insurers will watch for further incidents or clarifications of transit rules that could change pricing and routing decisions.

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Mohammad Baqer Qalibaf, speaker of Iran’s parliament and lead negotiator, said a full ceasefire only made sense if the U.S. naval blockade of Iranian ports was lifted, underlining the political conditions Tehran attaches to any de‑escalation.

This article was created with AI assistance.