Analysis

Briefing: Shockwaves will be felt in London as missiles fly in the Persian Gulf

By 2026-03-05T10:00:00

oil refinery drone attack

The situation around the Persian Gulf remains fluid, but insurers and their customers are likely in for a sustained period of supply chain shocks and increased costs

While April 2025’s Twelve Day War between Iran and Israel could be categorised as a limited exchange, the resurgence of the conflict that began on 28 February certainly seems more significant – with economic shockwaves already being felt across the world.

Intelligence-led bombing raids on the Islamic Republic of Iran have targeted state leadership, with significant numbers of the country’s military and political leaders – including head of state Ali Hosseini Khamenei – killed in strikes carried out by Israel and the US. 

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