According to CoinMeta, the deterioration of the situation in the Middle East has led to an increase in shipping costs, with insurance rates in both the Persian Gulf and the Red Sea rising. The insurance costs for vessels in the Persian Gulf have returned to their highest levels in decades, reflecting market concerns about the increased risk of attacks on Iran. David Smith, head of the maritime business at the insurance brokerage firm McGilland Partners, stated that currently, insurance companies are charging premiums of around 3% to 6% of the vessel's value for war risks, which is several times the usual 0.25% rate during peacetime. He added, "The current market view is that the level of risk may have reached its highest point during the entire conflict period." The escalating instability in the Middle East region is also driving up shipping costs in the Red Sea. Smith noted that the continuous attacks by Yemeni Houthi militants on vessels are causing insurance prices to soar, with those vessels associated with Israel or Saudi Arabia being particularly affected. Currently, the war risk insurance rate for vessels in the Red Sea is typically 0.3% to 1% of the vessel's value, whereas just a month ago it was 0.1% or even lower.