[Shipping in the Strait of Hormuz Disrupted, Global Freight Rates Rise 11 to 12 Times] On April 3, conflicts in the Middle East caused disruptions in shipping through the Strait of Hormuz, leading to a sharp surge in global shipping costs and a rapid increase in war risk insurance premiums for vessels. Industry insiders report that freight rates have currently risen 11 to 12 times, with insurance and rerouting costs continuing to impact global trade and supply chain security.