In less than two weeks, Iran’s biggest oil buyers will lose access to the London-based insurance market that protects 95% of the world’s tanker shipments against oil spills or catastrophic collisions.

Barring an unexpected last-minute deal to relax European Union sanctions, Europe’s Protection and Indemnity (P&I) clubs will be unable to insure vessels carrying Iranian crude from July 1, an unforeseen but ultimately critical side effect of E.

U. sanctions to punish Iran for its nuclear program.

In an extreme scenario, exports from OPEC’s second-largest…

Fuente: Bussines Insurance