Maritime insurance prices have soared amid shipping disruptions in the Strait of Hormuz and are also rising for vessels traversing the Bab al-Mandeb strait, with both waterways – critical channels for the global economy – now theatres of war.Yemen’s Iran-aligned Houthi group announced a blockade of Saudi Arabian ports and ships in the Bab al-Mandeb strait, which connects the Red Sea to the Indian Ocean, earlier this week.This comes on top of ongoing disruptions in the Strait of Hormuz due to the US-Israel war on Iran. Tehran has insisted that ships consult it before trying to pass, while the US has…

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