War risk insurance rates for Black Sea shipping climbed after Ukrainian naval drones attacked two tankers bound for Novorossiysk, reported Reuters.

The Black Sea is a vital route for grain, oil and oil products, shared by Bulgaria, Georgia, Romania, Turkey, Russia and Ukraine. War risk rates for seven-day voyages to Ukrainian ports rose to 0.5 per cent from 0.4 per cent last week, while insurance for Russian ports increased to 0.65-0.8 per cent from around 0.6 per cent, Reuters said.

The two tankers, under Western sanctions, were empty when struck by drones en route to Novorossiysk. Ukraine's Security Service confirmed the attacks, which analysts said were aimed at curbing Russian oil revenues.

Munro Anderson of Vessel Protect said underwriters are pricing in a wider range of strike locations and higher chances of repetition. He noted reciprocal Russian action could raise risks across both trades.

Turkish President Tayyip Erdogan condemned the attacks on commercial ships as unacceptable and warned all sides. Naval analyst Andrii Ryzhenko said it was unlikely Russia would retaliate against vessels in NATO waters off Turkey, Bulgaria and Romania.

Maritime security sources said at least seven blasts have hit tankers calling at Russian ports since December 2024. Last week, the Turkish-owned Mersin tanker was damaged near Senegal by four explosions, though no injuries or pollution occurred. Dakar Port Authority confirmed serious water ingress in the engine room and said details would be released later.