Oil prices grabbed the headlines after Brent crude climbed nearly 4% to $94.23 per barrel following an eleventh consecutive night of U.S. Central Command strikes against Iran. At the same time, Secretary of State Marco Rubio told ASEAN foreign ministers that Washington and Tehran remain divided over the Strait of Hormuz. The Insurance Market Is Sending a Stronger SignalThe key metric is the cost of insuring oil tankers travelling through the Strait of Hormuz. Insurance premiums behave differently because they are based on insurers' assessment of the likelihood that a vessel will actually be damaged. Around one-fifth of the world's seaborne oil and gas supplies pass through the Strait of Hormuz.