Shipowners are placing huge volume requests for insurance to transit the Strait of Hormuz after the US-Iran ceasefire deal, according to broker McGill and Partners. The surge reflects renewed confidence in Hormuz’s viability as a shipping route, with insurers bracing for increased demand. McGill and Partners reports that vessels previously avoiding Hormuz due to piracy risks and geopolitical tensions are now seeking coverage, signaling a strategic shift. Hormuz, a critical chokepoint handling 15-20% of global oil shipments, remains a high-risk zone despite the truce, complicating risk assessments. Insurance premiums may rise as brokers adjust to the influx, potentially impacting shipping costs for energy firms reliant on Hormuz. Global energy markets could face volatility if insurance delays disrupt Hormuz transits, underscoring the route’s outsized influence on supply chains.