The cost of shipping insurance in the back-breaking strait

According to Ambassador Arjan, On News published the statements of Richard Wolff, a retired professor of economics at the University of Massachusetts, in a conversation with David Lane, a Canadian journalist in the field of economic and financial issues, on Instagram, who believes:

Part of the economic aspects of the war and especially the consequences of the strait of Hormuz becoming unsafe for shipping, no matter how many ships pass through the strait, this insecurity has caused a drastic increase in shipping insurance costs, which also affect the rest of the economic equations.