A new diplomatic breakthrough has eased tensions in the Middle East, with a ceasefire framework lowering risk premiums across regional oil and shipping markets almost immediately.
Shipping insurers have begun trimming war-risk surcharges on vessels transiting key regional chokepoints, a move expected to flow through to freight costs in coming weeks.
“Markets had been pricing a worst case for months — this unwinds a decent chunk of that risk premium,” one energy analyst said.