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Tanker insurance rates jump 10-fold following attacks

Extra charges imposed on ships passing through Strait of Hormuz

TOKYO -- Additional insurance for tankers sailing through the Strait of Hormuz now costs 10 times what it did before two ships were attacked last week near the vital passageway for Asia-bound energy, according to Japanese shipping industry sources.

Further increases look possible if tensions between the U.S. and Iran remain heightened, threatening to add to the cost of transporting crude oil.

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