Quantum estimates that about 25% of Russia's grain exports and 25% to 30% of its Black Sea oil exports could be disrupted. Indeed, Ukraine says it has degraded roughly one-third of Russia's Black Sea fleet since 2022. "We often treat the Strait of Hormuz, the Black Sea, or Bab el-Mandeb as isolated events. "These waterways are increasingly becoming battlegrounds within the broader transition toward a new world order," he told CNBC via email. A spokesperson for insurance broker Gallagher told CNBC war risk insurance — an add-on that covers financial losses caused by war, terrorism, and civil unrest — is still available.