Kai Risdell

So they need to get new, much more expensive war insurance.

Dylan Saunders Mortimer is the UK war leader at Marsh Risk, an insurance broker and risk advisor.

But that was a maximum, he says.

Rates have come down recently to just 2 to 6 percent of the value of a ship.

Still high and a contributing factor to oil prices.

But the rates for a trip through Hormuz can fluctuate on a case-by-case basis.

Again, Brandon Holmes at Moody's.

Analysts say insurers are almost always willing to insure a tanker for the right price.

But that is being tested right now for U.S.

and Israeli flag ships that want to cross the strait.

Dylan Saunders-Mortimer with Marsh.

As in Iran is almost definitely going to attack them outside of a ceasefire.

The U.S.

is creating guarantees to back up insurers who would insure such ships.

Analysts say it's still being worked out but should help.

But Rahul Kapoor with S&P Global warns not to get too caught up by the insurance side of things.

Insurance puts a price tag on risk.

Insurance doesn't make that risk go away.

In New York, I'm Sabri Beneshour for Marketplace.

Coming up.