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Gulf's tanker traffic slips as insurance rates go up

Oil tanker traffic in the Persian Gulf has slipped to one-eighth of its usual volume because insurance rates have doubled and tripled after recent attacks on vessels in the critical oil corridor, ship brokers and insurers said Monday.

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The sources, who declined to be identified because of the delicacy of the situation, said the drop in shipping occurred last week, when four ships, including three tankers, were struck by missiles from Iraqi or Iranian planes.

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