A U.S.-based insurer to the global shipping industry said it got government authorization to cover non-American companies transporting oil from Iran, potentially helping the Persian Gulf country to revive exports of crude and petroleum products following the lifting of sanctions last month. The Office of Foreign Assets Control on Feb. 5 “prospectively removed” the restriction that previously prevented the American Club from providing cover for Iranian cargoes, the New York-based insurer said in a circular on its website. The club is “now generally available for non-U.S. person Members’ transportation of crude and products to and from Iran,” according to the notice. In terms of Iranian exports, insurance “is where the biggest problem has been and now that seems to have been resolved, at least that’s one problem out of the way,” Erik Nikolai Stavseth, a shipping analyst at Arctic Securities ASA in Oslo, said by phone. It’s likely that […]