The premium is reset weekly by underwriters based on the perceived risk of attack, so it moves faster than freight contracts and works as a real-time gauge of how dangerous insurers think a chokepoint like Hormuz currently is.
MissHouthis declare a naval blockade of Saudi Arabia, threatening oil's last detour after HormuzAs of Aug 1 reporting (The National, Al Jazeera), Bab-el-Mandeb transit was not actually cut off, vessels (around 25 commodity ships) kept transiting, and the Houthis denied plans to charge ships. The blockade showed up as higher insurance/route costs, not an actual transit stoppage, so the piece's bar was not met.