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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

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honda0105 Champion Author Tallahassee Posts:18,599 Points:1,607,570 Joined:Nov 2008	Message Posted: May 14, 2012 4:45:39 AM Ignore honda0105 Report Abuse 10k: sanctions fluctuate. This latest round is the most severe in recent history.
OilOnTheCheap Champion Author Ventura Posts:2,085 Points:448,210 Joined:Jan 2012	Message Posted: May 10, 2012 12:33:35 AM Ignore OilOnTheCheap Report Abuse With the possibility of military action I wouldn’t want to be insuring tankers caring Iran oil.
Dodge_Me Champion Author Atlanta Posts:2,214 Points:554,730 Joined:Mar 2006	Message Posted: May 10, 2012 12:24:02 AM Ignore Dodge_Me Report Abuse Hmm
abacus44 Champion Author Toms River Posts:3,470 Points:746,540 Joined:Jan 2011	Message Posted: May 10, 2012 12:09:30 AM Ignore abacus44 Report Abuse Aw shucks! The countries that won't go along with the sanctions can't get insurance on their shipments. What a downright freeking shame.
TBONE3 Champion Author Pennsylvania Posts:8,736 Points:1,974,700 Joined:Mar 2005	Message Posted: May 10, 2012 12:06:44 AM Ignore TBONE3 Report Abuse 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.
RBob Champion Author Portland Posts:3,359 Points:2,345,700 Joined:May 2004	Message Posted: May 9, 2012 11:56:51 PM Ignore RBob Report Abuse Just one more excuse to raise prices.
10k Champion Author North Carolina Posts:21,235 Points:2,252,070 Joined:May 2006	Message Posted: May 9, 2012 11:53:11 PM Ignore 10k Report Abuse i thought iran had been under sanctions for quite a while now ??..
jackson661 Champion Author Columbus Posts:3,764 Points:1,475,085 Joined:May 2006	Message Posted: May 9, 2012 11:52:30 PM Ignore jackson661 Report Abuse Keep the price low..
Dsin44 Champion Author Abbotsford Posts:1,272 Points:272,660 Joined:Apr 2011	Message Posted: May 9, 2012 11:51:35 PM Ignore Dsin44 Report Abuse such a fuss over a little oil...
Thomtec Champion Author Nashville Posts:2,453 Points:606,195 Joined:May 2011	Message Posted: May 9, 2012 11:49:04 PM Ignore Thomtec Report Abuse Ok
Matt G Champion Author Boston Posts:4,523 Points:2,771,090 Joined:Jun 2004	Message Posted: May 9, 2012 11:44:55 PM Ignore Matt G Report Abuse Ok
joel27nc Champion Author Raleigh Posts:10,527 Points:1,856,420 Joined:Mar 2008	Message Posted: May 9, 2012 11:44:23 PM Ignore joel27nc Report Abuse Any reason to raise prices!
GassyKat Champion Author Wisconsin Posts:10,079 Points:2,069,170 Joined:Sep 2005	Message Posted: May 9, 2012 11:39:24 PM Ignore GassyKat Report Abuse Just so complicated
etop8222 Veteran Author Reading Posts:429 Points:58,330 Joined:Apr 2011	Message Posted: May 9, 2012 11:37:07 PM Ignore etop8222 Report Abuse Oil, oil every and not a drop to spare. Don't make sense.
Cheney Champion Author Toronto Posts:2,022 Points:2,533,410 Joined:May 2004	Message Posted: May 9, 2012 11:34:03 PM Ignore Cheney Report Abuse I've taken care of this. Let's move on...
gmcgas Champion Author Atlanta Posts:5,943 Points:1,712,220 Joined:Mar 2004	Message Posted: May 9, 2012 11:33:40 PM Ignore gmcgas Report Abuse i would think that Europe has the only insurance to cover tankers. something could happen to the tankers. hummmmmm
jkpsr Champion Author New Jersey Posts:4,074 Points:1,100,930 Joined:Jun 2005	Message Posted: May 9, 2012 11:33:35 PM Ignore jkpsr Report Abuse There is enough supply elsewhere to prevent a spike.
edgarCA Champion Author Oakland Posts:1,581 Points:241,770 Joined:Jun 2009	Message Posted: May 9, 2012 11:32:25 PM Ignore edgarCA Report Abuse Goodnight.
Mr Tex All-Star Author Dallas Posts:867 Points:2,491,835 Joined:Jan 2004	Message Posted: May 9, 2012 11:32:22 PM Ignore Mr Tex Report Abuse Wasn't Iran under sanctions at the time?
HYEgasCA Champion Author Fresno Posts:2,111 Points:909,125 Joined:Dec 2008	Message Posted: May 9, 2012 11:30:52 PM Ignore HYEgasCA Report Abuse ok
bra0712 Champion Author Arizona Posts:3,655 Points:766,620 Joined:Nov 2008	Message Posted: May 9, 2012 11:29:55 PM Ignore bra0712 Report Abuse K
tamiuron Champion Author Laredo Posts:1,943 Points:723,910 Joined:Jan 2011	Message Posted: May 9, 2012 10:10:20 PM Ignore tamiuron Report Abuse The market will sort this out.
DrCashFlow Champion Author Massachusetts Posts:7,059 Points:1,625,275 Joined:Jun 2008	Message Posted: May 9, 2012 8:40:26 PM Ignore DrCashFlow Report Abuse Makes sense
srchr Champion Author San Jose Posts:7,241 Points:1,618,060 Joined:Apr 2008	Message Posted: May 9, 2012 7:07:33 PM Ignore srchr Report Abuse collapsing under socialism
walkingtall Champion Author Toronto Posts:3,989 Points:1,119,730 Joined:Nov 2004	Message Posted: May 9, 2012 6:19:00 PM Ignore walkingtall Report Abuse Another reason to blame in the hike of gas prices.
Bleeder Champion Author Virginia Posts:8,038 Points:1,698,875 Joined:Jan 2008	Message Posted: May 9, 2012 6:15:49 PM Ignore Bleeder Report Abuse There is always something to blame or a reason to raise prices.
WilW Champion Author Atlanta Posts:12,213 Points:2,670,930 Joined:Aug 2004	Message Posted: May 9, 2012 6:12:58 PM Ignore WilW Report Abuse Oh, the humanity!
SnickersDog Champion Author Denver Posts:3,273 Points:679,035 Joined:Feb 2011	Message Posted: May 9, 2012 6:09:12 PM Ignore SnickersDog Report Abuse Good luck.
tex_mex13 All-Star Author Austin Posts:615 Points:275,255 Joined:Jul 2011	Message Posted: May 9, 2012 6:06:54 PM Ignore tex_mex13 Report Abuse ?
toadNY Champion Author Albany Posts:7,032 Points:1,511,200 Joined:Apr 2008	Message Posted: May 9, 2012 6:03:12 PM Ignore toadNY Report Abuse China has Lots of money! ARES! From All the cheap junk we buy from them.
Pramodsharma Champion Author Richmond Posts:1,974 Points:385,890 Joined:Feb 2012	Message Posted: May 9, 2012 6:02:33 PM Ignore Pramodsharma Report Abuse Britts are smart, wait and see come July, there will be a way out.
flahusky All-Star Author Florida Posts:733 Points:154,590 Joined:Feb 2011	Message Posted: May 9, 2012 6:01:11 PM Ignore flahusky Report Abuse sure, ok
amearly Champion Author Michigan Posts:12,109 Points:2,465,660 Joined:Jan 2006	Message Posted: May 9, 2012 5:56:54 PM Ignore amearly Report Abuse I guess this will be a good reason for the speculaotrs to raise the prices here right?
balljars Champion Author Michigan Posts:8,113 Points:1,610,595 Joined:Aug 2008	Message Posted: May 9, 2012 5:56:01 PM Ignore balljars Report Abuse Not good for the British people.
MRHONEST Champion Author Illinois Posts:2,212 Points:1,674,080 Joined:May 2007	Message Posted: May 9, 2012 5:53:37 PM Ignore MRHONEST Report Abuse Good!
stopforgas All-Star Author Mississippi Posts:991 Points:479,880 Joined:Jun 2011	Message Posted: May 9, 2012 5:47:57 PM Ignore stopforgas Report Abuse Very good point "wz."
vroomputtputt Veteran Author Oregon Posts:275 Points:62,785 Joined:Mar 2012	Message Posted: May 9, 2012 5:46:53 PM Ignore vroomputtputt Report Abuse to bad , so sad...
preacherjohn Champion Author Modesto Posts:3,982 Points:1,917,850 Joined:May 2006	Message Posted: May 9, 2012 5:42:54 PM Ignore preacherjohn Report Abuse So be it.
js0743 All-Star Author Georgia Posts:981 Points:457,130 Joined:Nov 2011	Message Posted: May 9, 2012 5:42:07 PM Ignore js0743 Report Abuse Well
Topshopper2011 Champion Author New Jersey Posts:1,003 Points:275,390 Joined:Aug 2011	Message Posted: May 9, 2012 5:39:59 PM Ignore Topshopper2011 Report Abuse 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!
voyagerkim All-Star Author Los Angeles Posts:620 Points:172,010 Joined:Oct 2011	Message Posted: May 9, 2012 5:39:26 PM Ignore voyagerkim Report Abuse Ok. . .on to news weather & sports. . .
milespergallon Champion Author Illinois Posts:9,734 Points:1,907,160 Joined:Feb 2007	Message Posted: May 9, 2012 5:36:04 PM Ignore milespergallon Report Abuse GOOD! They should NOT be buying from that country anyhow!
toneOH All-Star Author Ohio Posts:551 Points:32,195 Joined:May 2011	Message Posted: May 9, 2012 5:34:27 PM Ignore toneOH Report Abuse so
kelly1016 Champion Author Victoria Posts:1,953 Points:352,940 Joined:Oct 2011	Message Posted: May 9, 2012 5:33:53 PM Ignore kelly1016 Report Abuse 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.
GryphonX Champion Author Nevada Posts:6,095 Points:1,586,275 Joined:Nov 2007	Message Posted: May 9, 2012 5:30:40 PM Ignore GryphonX Report Abuse Unintended consequences ...?
kelly1016 Champion Author Victoria Posts:1,953 Points:352,940 Joined:Oct 2011	Message Posted: May 9, 2012 5:30:12 PM Ignore kelly1016 Report Abuse Given the fact that the chinese have reneged on their committments in the past, would you buy insurance from them?
CQQKIE All-Star Author Illinois Posts:970 Points:348,915 Joined:Jul 2008	Message Posted: May 9, 2012 5:26:19 PM Ignore CQQKIE Report Abuse If they get a hole in it just stuff a rag in the hole.
adr47 Champion Author Saskatchewan Posts:5,667 Points:1,178,750 Joined:Nov 2008	Message Posted: May 9, 2012 5:25:18 PM Ignore adr47 Report Abuse So
wz Champion Author Twin Cities Posts:2,479 Points:1,275,365 Joined:Feb 2009	Message Posted: May 9, 2012 5:24:18 PM Ignore wz Report Abuse 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.
runway12 Champion Author Tacoma Posts:3,059 Points:602,275 Joined:Aug 2008	Message Posted: May 9, 2012 5:19:43 PM Ignore runway12 Report Abuse agree, interesting read