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JLT Specialty Limited

A major military conflict has erupted between Iran and a US-Israel coalition, drastically escalating violence across the Middle East. On 28 February, the US and Israel launched air strikes on Iran. Operation Epic Fury targeted military sites and leadership, including the killing of Supreme Leader Ayatollah Ali Khamenei and other senior Iranian commanders. Iran has since retaliated with widespread missile and drone attacks against Israel, US bases in Gulf states, and infrastructure in neighbouring countries. The conflict has rapidly spread, drawing in Hezbollah in Lebanon and seeing explosions and strikes reported across several Gulf states, including the United Arab Emirates, as well as Cyprus in the Mediterranean Sea. Civilian casualties and infrastructure damage have occurred on all sides. Global oil shipping through the Strait of Hormuz has effectively halted, driving energy price spikes and economic anxiety worldwide. Efforts for de-escalation and diplomatic pressure continue, however the war remains active and volatile.

Overview

The regional threat level remains ELEVATED for vessels operating in or transiting through the Arabian Gulf, Strait of Hormuz and Northern Arabian Sea due to growing geopolitical tensions and a rapidly evolving security environment. The nearly two-week conflict saw tensions significantly escalate between Iran and Israel, with US involvement intensifying the situation. As of 24 June, the impact on shipping operations remains relatively limited and vessel traffic remains largely unaffected – the Strait of Hormuz remains open with maritime traffic flows continuing. These conditions could change quickly and vessels transiting or planning to transit the region in the coming days are advised to assess the security situation prior to entering the area, should be prepared to act on short-notice intelligence, and should ensure that crew are briefed on potential escalation scenarios.