Core Viewpoint - The escalation of the US-Iran conflict is significantly impacting global shipping, leading COSCO Shipping to suspend new booking services for several countries in the Persian Gulf starting immediately [1][4]. Group 1: Suspension of Services - COSCO Shipping announced the suspension of new booking services for all routes to and from the UAE (excluding Fujairah and Khor Fakkan), Qatar, Bahrain, Iraq, Saudi Arabia (excluding Jeddah), and Kuwait due to ongoing conflicts in the Middle East [4]. - The suspension covers both inbound and outbound cargo, indicating a broad impact on shipping operations in the region [4]. Group 2: Impact on Oil Prices - Following the US-Israel military strikes against Iran, international crude oil futures have seen a significant increase, with WTI and Brent crude oil prices rising over 11% and 12% respectively in the last two trading days [1]. - As of the latest update, WTI crude oil has further increased by 2.12% within the day [1]. Group 3: Shipping Risks and Insurance - The Strait of Hormuz, a critical passage for approximately 20% of global energy supplies, is currently in a "state of war," with Iranian forces warning against navigation through the strait, citing risks from missiles and uncontrolled drones [6]. - Major maritime insurance mutuals have withdrawn war risk coverage for vessels entering the Persian Gulf, leading to a sharp increase in insurance premiums for shipowners seeking alternative coverage [6].