PMR-2026-0601-MEAST-002
The Strait of Hormuz is reopening this week under a structurally new operating system. Iran has stood up a sovereign transit authority that licenses and tolls passage; the United States has stood up a forty-billion-dollar political-risk reinsurance facility behind a naval-advisory regime that is escorting almost no one; and the London war-risk market has held its pen open at war pricing. The diplomatic track that would unwind these mechanisms is unsigned and contested. What that means for shipping operators, marine insurers, P&I clubs, and energy traders is the binding question this brief answers.
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