More than a thousand ships are stranded outside the Strait of Hormuz, bobbing in the water. A big reason? Insurance. War insurance premiums have skyrocketed since the war with Iran began. It’s an add-on that covers things regular insurance doesn’t, like missile strikes. And shippers don’t want to foot the bill or put their crews at risk. Cue the traffic jam. 

On today’s show, how a critical trade chokepoint became the parking lot of the sea. And taking stock of President Trump’s plan to offer reinsurance to get these ships sailing again.

Related episodes: 
How the 'shadow fleet' helps Russia skirt sanctions
Will Iran block the Strait of Hormuz? 

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