Iran plans to offer insurance for Hormuz transit: Will it work?

Iran has moved a step further in its attempts to formalise its effective control over the Strait of Hormuz after the country’s top security organ announced the formation of a new body to manage the key passage. The country’s Supreme National Security Council on Monday said the new authority, called the Persian Gulf Strait Authority (PGSA), would provide “real-time updates” on operations and the latest developments in the strait, a critical chokepoint through which 20 percent of the world’s oil …