War and Tanker Insurance

Crime of the Century - Are Bush and Cheney Planning an Early Strike on Iran?
By Dave Lindorff
Counterpunch
December 23, 2006

 [A]n attack on Iran would jack the price of oil to levels never seen before. Even if the US managed to militarily control the Straits of Hormuz, Iran's hundreds of stockpiled anti-ship missiles, which are buried in bunkers all along the Persian Gulf, would cause insurance rates to soar so high that no tanker could afford to sail that route, effectively cutting off over one quarter of the world's oil supply. Virtually all of the oil produced in Iraq, Saudi Arabia, Iran, Kuwait and the Arab Emirates would be trapped in the ground. As well, the network of pipelines that bring oil from wellheads to refineries and to storage and pier facilities would be virtually indefensible against Iran-inspired sapper attacks. Read more