The United Kingdom co-sponsored and voted for a UN Security Council resolution on 11 March condemning Iran’s attacks on Gulf states and Jordan, demanding an immediate end to strikes and respect for merchant navigation. The statement explicitly referenced threats to shipping around the Strait of Hormuz - a detail with direct market consequences. (gov.uk)

Why this matters to portfolios is simple: the Strait of Hormuz is the world’s most consequential oil bottleneck. BloombergNEF estimates it carries about 14 million barrels a day - roughly 32% of global seaborne crude - while the US Energy Information Administration identifies it as the top oil transit chokepoint by volume. Any prolonged disruption mechanically tightens oil supply and raises freight and insurance costs. (about.bnef.com)

Risk pricing has already reset. Several leading P&I clubs moved to cancel war‑risk protection for voyages into the Gulf from 00:00 GMT on 5 March, forcing owners onto pricier single‑voyage terms or to pause sailings altogether. Notices named Gard, Skuld, NorthStandard, the London P&I Club and the American Club among those pulling cover. (theguardian.com)

With cover constrained, premia surged. Industry sources reported war‑risk charges rising towards 1% of a vessel’s value - up from around 0.2% a week earlier - adding hundreds of thousands of dollars to a single voyage and materially lifting delivered oil and LNG costs. For a $100m tanker, that’s roughly $1m per trip in war‑risk alone. (aljazeera.com)

Freight markets have reacted just as sharply. Very Large Crude Carrier (VLCC) earnings on Middle East–Asia runs have printed record highs above $420,000 per day, reflecting scarce tonnage and elevated risk. These levels far exceed typical five‑digit day rates and feed directly into refinery and pump prices with a lag. (maritime-executive.com)

Crude has repriced. Brent pushed back above $100 per barrel this week as attacks and counter‑strikes continued, reinforcing a risk premium tied to Hormuz access. European reporting put early‑week prints near $111, underscoring how quickly supply anxiety can translate to futures. (apnews.com)

Container supply chains are also being repriced. Hapag‑Lloyd introduced a War Risk Surcharge for cargo to and from the Upper Gulf from 2 March, while European press reporting points to emergency levies running into the low thousands of dollars per box as carriers reroute or offload at secondary ports. Expect longer lead times and tighter equipment availability. (hapag-lloyd.com)

For the UK, the immediate energy‑security read‑across is nuanced. While LNG from Qatar transits Hormuz, the government notes that only about 1% of Britain’s gas supply in 2025 came from Qatar, with the UK benefiting from diversified North Sea, Norwegian pipeline and US LNG flows. That reduces direct gas exposure even as oil‑linked products face global pricing. (gov.uk)

At the forecourt and in transport budgets, the effect is already visible. The RAC said on 11 March that diesel has climbed nearly 13p since 28 February to its highest since May 2024, and warned that sustained $100 oil could push average petrol towards 150p a litre. Logistics, aviation and consumer goods margins are the first to feel this squeeze. (media.rac.co.uk)

What to do now: finance teams should validate fuel and bunker surcharges in live contracts, stress‑test cash conversion cycles for 10–20 day transit extensions, and review inventory buffers for petrochemicals, plastics and packaging. Even if flows resume, BNEF estimates suggest Hormuz handles 16% of global refined product trade - a level of concentration that keeps a risk premium embedded for weeks, not days. (about.bnef.com)