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GasBuddy News Article

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Britain Fear Spike in Oil Prices due to Insurance Ban for Iranian Crude Tankers

Oilprice.com -- The European ban, due to take effect at the beginning of July, on importing Iranian oil will also prevent European insurers from covering any tankers carrying crude from Tehran to the rest of the world. This effect will be felt particularly hard in London, which is the main district for marine insurance.

Without insurance tankers will not transport goods, so it is of utmost importance to Asian buyers of Iranian crude that they find other means to replace the shipping insurance cover predominantly provided by London insurers.

Indian and Chinese firms have already approached state insurers to provide the cover for their own shipments,


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Submitted May 09, 2012 By: NOTSOGRN
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: Britain Fear Spike in Oil Prices due to Insurance Ban for Iranian Crude Tankers Back to Topics
REPLIES (newest first) Post a Reply
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honda0105
Champion Author Tallahassee

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Message Posted: May 14, 2012 4:45:39 AM

10k: sanctions fluctuate. This latest round is the most severe in recent history.
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OilOnTheCheap
Champion Author Ventura

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Message Posted: May 10, 2012 12:33:35 AM

With the possibility of military action I wouldn’t want to be insuring tankers caring Iran oil.
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Dodge_Me
Champion Author Atlanta

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Message Posted: May 10, 2012 12:24:02 AM

Hmm
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abacus44
Champion Author Toms River

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Message Posted: May 10, 2012 12:09:30 AM

Aw shucks! The countries that won't go along with the sanctions can't get insurance on their shipments. What a downright freeking shame.
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TBONE3
Champion Author Pennsylvania

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Message Posted: May 10, 2012 12:06:44 AM

Told you not to rely on the previous "prediction". It's all up to the "little blue men/women" in the smoke filled room wearing the green eye shields on their foreheads.
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RBob
Champion Author Portland

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Message Posted: May 9, 2012 11:56:51 PM


Just one more excuse to raise prices.

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10k
Champion Author North Carolina

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Message Posted: May 9, 2012 11:53:11 PM

i thought iran had been under sanctions for quite a while now ??..
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jackson661
Champion Author Columbus

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Message Posted: May 9, 2012 11:52:30 PM

Keep the price low..
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Dsin44
Champion Author Abbotsford

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Message Posted: May 9, 2012 11:51:35 PM

such a fuss over a little oil...
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Thomtec
Champion Author Nashville

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Message Posted: May 9, 2012 11:49:04 PM

Ok
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Matt G
Champion Author Boston

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Message Posted: May 9, 2012 11:44:55 PM

Ok
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joel27nc
Champion Author Raleigh

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Message Posted: May 9, 2012 11:44:23 PM

Any reason to raise prices!
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GassyKat
Champion Author Wisconsin

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Message Posted: May 9, 2012 11:39:24 PM

Just so complicated
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etop8222
Veteran Author Reading

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Message Posted: May 9, 2012 11:37:07 PM

Oil, oil every and not a drop to spare. Don't make sense.
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Cheney
Champion Author Toronto

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Message Posted: May 9, 2012 11:34:03 PM

I've taken care of this. Let's move on...
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gmcgas
Champion Author Atlanta

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Message Posted: May 9, 2012 11:33:40 PM

i would think that Europe has the only insurance to cover tankers. something could happen to the tankers. hummmmmm
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jkpsr
Champion Author New Jersey

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Message Posted: May 9, 2012 11:33:35 PM

There is enough supply elsewhere to prevent a spike.
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edgarCA
Champion Author Oakland

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Message Posted: May 9, 2012 11:32:25 PM

Goodnight.
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Mr Tex
Champion Author Dallas

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Message Posted: May 9, 2012 11:32:22 PM

Wasn't Iran under sanctions at the time?
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HYEgasCA
Champion Author Fresno

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Message Posted: May 9, 2012 11:30:52 PM

ok
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bra0712
Champion Author Arizona

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Message Posted: May 9, 2012 11:29:55 PM

K
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tamiuron
Champion Author Laredo

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Message Posted: May 9, 2012 10:10:20 PM

The market will sort this out.
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DrCashFlow
Champion Author Massachusetts

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Message Posted: May 9, 2012 8:40:26 PM

Makes sense
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srchr
Champion Author San Jose

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Message Posted: May 9, 2012 7:07:33 PM

collapsing under socialism
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walkingtall
Champion Author Toronto

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Message Posted: May 9, 2012 6:19:00 PM

Another reason to blame in the hike of gas prices.
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Bleeder
Champion Author Virginia

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Message Posted: May 9, 2012 6:15:49 PM

There is always something to blame or a reason to raise prices.
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WilW
Champion Author Atlanta

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Message Posted: May 9, 2012 6:12:58 PM

Oh, the humanity!
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SnickersDog
Champion Author Denver

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Message Posted: May 9, 2012 6:09:12 PM

Good luck.
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tex_mex13
All-Star Author Austin

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Message Posted: May 9, 2012 6:06:54 PM

?
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toadNY
Champion Author Albany

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Message Posted: May 9, 2012 6:03:12 PM

China has Lots of money! ARES! From All the cheap junk we buy from them.
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Pramodsharma
Champion Author Richmond

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Message Posted: May 9, 2012 6:02:33 PM

Britts are smart, wait and see come July, there will be a way out.
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flahusky
All-Star Author Florida

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Message Posted: May 9, 2012 6:01:11 PM

sure, ok
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amearly
Champion Author Michigan

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Message Posted: May 9, 2012 5:56:54 PM

I guess this will be a good reason for the speculaotrs to raise the prices here right?
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balljars
Champion Author Michigan

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Message Posted: May 9, 2012 5:56:01 PM

Not good for the British people.
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MRHONEST
Champion Author Illinois

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Message Posted: May 9, 2012 5:53:37 PM

Good!
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stopforgas
Champion Author Mississippi

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Message Posted: May 9, 2012 5:47:57 PM

Very good point "wz."
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vroomputtputt
Veteran Author Oregon

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Message Posted: May 9, 2012 5:46:53 PM

to bad , so sad...
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PrettyLittleLady
Champion Author Modesto

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Message Posted: May 9, 2012 5:42:54 PM

So be it.
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js0743
All-Star Author Georgia

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Message Posted: May 9, 2012 5:42:07 PM

Well
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Topshopper2011
Champion Author New Jersey

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Message Posted: May 9, 2012 5:39:59 PM

Bye bye Iran! Your rain of terrorism is coming to an end!
They should NOT be buying anything from that Iran anyhow! Iranian IEDs killed American, British, French, German, Spanish and other soldiers from Democracies trying to stabilize Iraq!
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voyagerkim
All-Star Author Los Angeles

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Message Posted: May 9, 2012 5:39:26 PM

Ok. . .on to news weather & sports. . .
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milespergallon
Champion Author Illinois

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Message Posted: May 9, 2012 5:36:04 PM

GOOD!
They should NOT be buying from that country anyhow!
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toneOH
All-Star Author Ohio

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Message Posted: May 9, 2012 5:34:27 PM

so
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kelly1016
Champion Author Victoria

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Message Posted: May 9, 2012 5:33:53 PM

If our friends in the Middle East such as kuaite UAE and the Saudis would refuse to sell oil to those who buy from Iran, those supplies could be sold to those countries who comply with Sanctions. Those shipments could be insured and India and china would find it hard to get enough oil. Perhaps they would then agree to the embargo.
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GryphonX
Champion Author Nevada

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Message Posted: May 9, 2012 5:30:40 PM

Unintended consequences ...?
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kelly1016
Champion Author Victoria

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Message Posted: May 9, 2012 5:30:12 PM

Given the fact that the chinese have reneged on their committments in the past, would you buy insurance from them?
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CQQKIE
All-Star Author Illinois

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Message Posted: May 9, 2012 5:26:19 PM

If they get a hole in it just stuff a rag in the hole.
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adr47
Champion Author Saskatchewan

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Message Posted: May 9, 2012 5:25:18 PM

So
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wz
Champion Author Twin Cities

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Message Posted: May 9, 2012 5:24:18 PM

There is a long-term effect here, also - letting China get a foothold in the maritime insurance industry. If Chinese and Indian firms find an asian source of insurance for the Iranian tankers, that business will not return to London when the sanctions are lifted.
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runway12
Champion Author Tacoma

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Message Posted: May 9, 2012 5:19:43 PM

agree, interesting read
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