Hormuz Shipping Attacks Reach Record High

24 October 2026

Executive Summary

October has become the most intense month for attacks on commercial shipping in the Strait of Hormuz and surrounding waterways since the current Middle East conflict began, according to new maritime security data published on Friday, 23 October.

Reuters reported that the Washington Institute for Near East Policy had recorded 28 confirmed and reported attacks during October, bringing its total to 113 incidents since the conflict began on 28 February.

The International Maritime Organization separately recorded 120 incidents across the Strait of Hormuz and wider Middle East over the same conflict period.

The difference between the figures reflects the organisations’ respective reporting and geographical coverage; they should not be combined into a single total.

Reuters also examined IMO records showing that more than 30 Very Large Crude Carriers (VLCCs) had sustained damage during the conflict, including 11 in October.

These vessels represent approximately 3.5% of the global VLCC fleet, which comprises more than 900 ships.

Each VLCC can transport approximately two million barrels of crude oil.

The latest analysis indicates that attacks have intensified even as some shipowners have resumed loading cargoes inside the Gulf.

Exceptionally high freight rates, reportedly exceeding $1 million per day for certain tanker operations, have encouraged some operators to accept increased security exposure.

UK Maritime Trade Operations (UKMTO) has warned that incomplete voluntary reporting may mean the full scale of maritime incidents is not captured in available statistics.

The principal commercial concern is that attacks are now affecting a material proportion of the world’s largest oil tankers, creating increasingly significant implications for shipping capacity, insurance accumulation and international energy transportation.

UK Impact

The United Kingdom has substantial exposure through marine insurance, international shipping, commodity trading, financial services and energy markets.

London’s marine insurance market may face increased claims, higher accumulation risk and more complex underwriting decisions.

For British commodity traders, tanker availability and voyage reliability are becoming increasingly important considerations.

For lenders financing vessels or oil cargoes, repeated attacks raise concerns about the physical security of financed assets and the ability of borrowers to complete transactions.

UK businesses dependent upon international energy supplies may experience higher costs through freight charges, insurance premiums and sustained oil-price volatility.

Reuters reported that Brent crude settled on Friday at $116.72 per barrel, its highest settlement since late April.

Global Impact

The Strait of Hormuz remains one of the world’s most important energy transportation corridors.

The latest maritime data indicates that the conflict is having a substantial and measurable effect on commercial shipping.

The consequences extend beyond individual vessel losses.

Potential exposures include:

• Increased marine war-risk premiums.
• Reduced availability of suitable tanker capacity.
• Higher freight and chartering costs.
• Increased security expenditure.
• Delays to crude oil and refined-product deliveries.
• Greater pressure on alternative export routes.
• Increased cargo accumulation at loading terminals.
• Higher working-capital requirements.
• Greater uncertainty for trade-finance transactions.
• Potential shortages of specialist vessels.
• Increased counterparty credit exposure.
• Greater pressure on energy-importing economies.

The figures do not mean that 3.5% of the VLCC fleet has been permanently removed from service. They refer to vessels recorded as damaged, with the extent and duration of damage varying.

Our View

The new maritime statistics demonstrate that the threat to international energy transportation has reached a level requiring more than routine voyage-by-voyage monitoring.

For Invictus clients, the principal concern is the interaction between physical vessel risk, insurance availability, tanker capacity and financial exposure.

Recommended risk mitigation measures

• Identify owned, chartered and financed vessels exposed to Gulf operations.
• Review the geographical distribution of marine insurance exposures.
• Assess the potential for multiple simultaneous vessel losses.
• Confirm hull and machinery war-risk insurance.
• Review marine cargo war-risk protection.
• Examine P&I and pollution liability arrangements.
• Assess the availability and cost of additional war-risk premiums.
• Review cancellation provisions and geographical restrictions.
• Examine charterparty war-risk clauses.
• Assess the creditworthiness of vessel operators.
• Review the availability of alternative tanker capacity.
• Stress-test freight costs against further increases.
• Examine the implications of delayed cargo deliveries.
• Review letters of credit and documentary obligations.
• Assess exposure to oil-price volatility.
• Review commodity supply and inventory arrangements.
• Confirm emergency communications and incident-response procedures.
• Monitor UKMTO, IMO and flag-state security advisories.
• Assess the adequacy of trade-credit and contract frustration protection.
• Review financing covenants and insurance-related obligations.

For insurers, the scale of vessel damage highlights the need to reassess underwriting assumptions and accumulation exposure.

For lenders, the security and insurability of financed vessels should be considered alongside their commercial earning potential.

For project sponsors, prolonged energy transportation disruption may affect construction costs, fuel availability and project cash flows.

Our assessment: The record number of reported attacks in October represents a material escalation in maritime risk. Businesses should reassess tanker exposure, insurance capacity, shipping contracts and financing arrangements against the possibility of sustained disruption.

Risk Indicator: SEVERE — STRAIT OF HORMUZ, MARITIME ATTACKS, VLCC FLEET, MARINE WAR RISK, ENERGY SECURITY & TRADE FINANCE

Disclaimer

The information contained within these Market Alerts is provided for general market awareness and informational purposes only. It does not constitute financial, legal, investment, regulatory or insurance advice. Whilst every effort has been made to ensure accuracy at the time of publication using multiple reputable and independently verified sources, geopolitical events, legislation, regulation and market conditions may change rapidly. Readers should obtain appropriate professional advice before acting upon any information contained herein.

Invictus Risk Solutions LLP – Helping organisations stay ahead of emerging risks through informed insight and independent analysis.