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The situation in the Strait of Hormuz continues to worsen.

At the beginning of last week, Japanese companies faced a number of difficulties in the transportation of petroleum products. Sankei newspaper reported that the cost of insurance of tankers increased 10 times compared with prices before the crisis. According to the newspaper, in recent months, insurers have increased tariffs from 0.025% to 0.25% of the value of the vessel in a single pass through this strait. Thus, if the cost of the tanker is 10 billion yen ($ 92 million), then the company that chartered it will have to pay $ 230,000, not $ 23,000, as it was before.

In addition, they were also forced to change the route in order to keep it as far as possible from the shores of Iran. Tankers chartered by Japanese companies were also ordered to pass the Strait of Hormuz at maximum speed, which led to an increase in fuel consumption. For Japan, this channel for the supply of petroleum products is a key - about 80% of the raw materials come from the countries of the Persian Gulf.

The Strait of Hormuz, through which almost one fifth of the oil consumed in the world is transported, connects the Persian and Oman gulfs. Most of the oil exported from Saudi Arabia, Iran, the United Arab Emirates, Kuwait and Iraq, as well as almost all liquefied natural gas produced by Qatar, the world's largest exporter, is delivered along this route.

In addition, BP Director Brian Gilvari reported that BP stopped sending its tankers to the Strait of Hormuz on July 10, when Iran tried to detain one of the company's ships. He noted that at the moment the company has no plans to resume the movement of tankers along the Strait of Hormuz. Earlier this month, the United States launched an initiative to organize a maritime mission to ensure security in the Strait of Hormuz. However, this idea is rather coolly evaluated by potential allies. Olaf Schulz, Vice-Chancellor of Germany (also known as the Minister of Finance), said that he was very skeptical of the US call for a naval campaign in order to ensure the safety of freight traffic in the Strait of Hormuz.

The United States of America made a formal offer from Germany to join France and the UK in their joint mission in the Strait of Hormuz. He noted that the top priority is to avoid conflict escalation. At the same time, the US maritime campaign raises the risk of open militant clashes in the region. Schulz added that Berlin still considers the international nuclear deal as the most viable way to stop the development of nuclear weapons in Iran.

Following BP, the Anglo-Dutch oil company Royal Dutch Shell refused to send tankers to the Strait of Hormuz. According to the concern’s general director, Ben van Berden, there are ships operated by Shell in the Strait of Hormuz, and this is likely to continue. However, currently there are no ships under the British flag.

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