While the oil industry and market are still assessing the impact of the U.S. withdrawal from the Iran nuclear deal and the re-imposition of sanctions, the biggest hurdle to Iran’s crude oil exports could be issues with the insurance of tankers carrying oil out of Iran—and this could significantly affect its exports. After the 180-day wind-down period, reinstated U.S. sanctions on Iran will likely prevent the members of the International Group of P&I from insuring the tankers against risks if they call on Iranian ports to export or import oil and oil products, Mike Salthouse, the chair of a sanctions committee for the IG Group, told Bloomberg . Insurance backed by the International Group of P&I is considered the standard in oil shipment contracts. However, with the coming U.S. sanctions, that coverage for tankers in and out of Iran could be reduced or even “stopped altogether” in November, according […]