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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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wz Champion Author Twin Cities Posts:2,474 Points:1,274,390 Joined:Feb 2009	Message Posted: May 9, 2012 6:24:18 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 6:19:43 PM Ignore runway12 Report Abuse agree, interesting read
jerej829 Champion Author Memphis Posts:2,836 Points:689,965 Joined:May 2011	Message Posted: May 9, 2012 6:16:48 PM Ignore jerej829 Report Abuse ok
robaloma Champion Author Houston Posts:2,581 Points:687,625 Joined:Feb 2011	Message Posted: May 9, 2012 6:14:41 PM Ignore robaloma Report Abuse wow
Voltus Champion Author Miami Posts:8,441 Points:1,553,350 Joined:May 2005	Message Posted: May 9, 2012 6:14:01 PM Ignore Voltus Report Abuse then China should insure them...
HEBster Champion Author Kentucky Posts:8,768 Points:2,370,025 Joined:May 2006	Message Posted: May 9, 2012 6:10:05 PM Ignore HEBster Report Abuse Good read
jb107 Champion Author New Jersey Posts:9,534 Points:2,618,000 Joined:Sep 2005	Message Posted: May 9, 2012 6:09:50 PM Ignore jb107 Report Abuse Lloyds will just have to find some new customers.
Tucker16 Champion Author Ottawa Posts:1,149 Points:541,130 Joined:Jul 2006	Message Posted: May 9, 2012 6:08:44 PM Ignore Tucker16 Report Abuse Iran sucks.
Metrolizer Champion Author Fort Worth Posts:2,015 Points:2,205,005 Joined:Feb 2005	Message Posted: May 9, 2012 6:07:23 PM Ignore Metrolizer Report Abuse 'someone is going to capitalise from this for sure......' - BeaconLite Yes. The "Communist" Chinese are capitalising on this. [Edited by: Metrolizer at 5/9/2012 6:07:29 PM EST]
camel1 Champion Author Minnesota Posts:8,255 Points:2,263,590 Joined:Jul 2006	Message Posted: May 9, 2012 6:05:49 PM Ignore camel1 Report Abuse Harsh for Lloyds of London
clpassenubye Champion Author Los Angeles Posts:3,359 Points:750,755 Joined:Mar 2011	Message Posted: May 9, 2012 6:03:26 PM Ignore clpassenubye Report Abuse Interesting
madison8359 Champion Author Cleveland Posts:8,985 Points:1,590,370 Joined:Apr 2008	Message Posted: May 9, 2012 6:01:37 PM Ignore madison8359 Report Abuse Poor Iran, they are running out of friends.
bbreff Champion Author Atlanta Posts:9,828 Points:2,564,415 Joined:Jun 2005	Message Posted: May 9, 2012 6:00:58 PM Ignore bbreff Report Abuse Any reason to raise prices.
livedream Champion Author Michigan Posts:3,664 Points:751,060 Joined:Mar 2011	Message Posted: May 9, 2012 6:00:49 PM Ignore livedream Report Abuse speedys is right! -- "It is always something to raise the price."
ace12012 Champion Author Phoenix Posts:1,650 Points:321,810 Joined:Apr 2012	Message Posted: May 9, 2012 6:00:16 PM Ignore ace12012 Report Abuse always some reason for the price to go up.
sydb7 Champion Author Atlanta Posts:3,542 Points:1,916,730 Joined:Mar 2003	Message Posted: May 9, 2012 5:59:32 PM Ignore sydb7 Report Abuse Unintended consequences?
StickySam Champion Author Virginia Posts:3,489 Points:1,158,665 Joined:Nov 2007	Message Posted: May 9, 2012 5:58:06 PM Ignore StickySam Report Abuse eaglev You sound like a typical Yank, as you as you are fine, you care nothing about anyone else. I bet you buy Communist Chinese goods because they are cheap.
saleboss Champion Author Phoenix Posts:3,924 Points:1,176,800 Joined:Feb 2006	Message Posted: May 9, 2012 5:57:57 PM Ignore saleboss Report Abuse Yeah, like the insurance companies are going to lose money!!
Gramps001 Champion Author North Carolina Posts:5,842 Points:1,363,060 Joined:Feb 2007	Message Posted: May 9, 2012 5:57:19 PM Ignore Gramps001 Report Abuse Sounds like a personal problem to me!
speedys Champion Author Utah Posts:6,999 Points:2,555,900 Joined:Nov 2005	Message Posted: May 9, 2012 5:57:17 PM Ignore speedys Report Abuse It is always something to raise the price.
DeHavilland Champion Author Toronto Posts:5,855 Points:1,900,240 Joined:Jun 2007	Message Posted: May 9, 2012 5:55:59 PM Ignore DeHavilland Report Abuse And they've found a new excuse to raise the price. These guys are truly inventive, I must give them that.
slowtrain Champion Author Georgia Posts:3,647 Points:944,900 Joined:Aug 2008	Message Posted: May 9, 2012 5:55:17 PM Ignore slowtrain Report Abuse I hope they can work something out.
njerald Champion Author Seattle Posts:7,809 Points:1,620,050 Joined:Oct 2007	Message Posted: May 9, 2012 5:54:35 PM Ignore njerald Report Abuse Screw Britain and the rest of Europe.......
BudsterMO Champion Author Kansas City Posts:3,690 Points:699,930 Joined:Aug 2009	Message Posted: May 9, 2012 5:50:22 PM Ignore BudsterMO Report Abuse O paleeezzze. What the h have they been doing for the last 6 months building up to the deadline. Enough hand holding, start the embargo.
eaglev Champion Author Oklahoma City Posts:4,001 Points:937,155 Joined:Jul 2005	Message Posted: May 9, 2012 5:48:35 PM Ignore eaglev Report Abuse What does this have to do with our prices.
Gasazhunter Champion Author Phoenix Posts:4,190 Points:1,023,720 Joined:May 2010	Message Posted: May 9, 2012 5:47:48 PM Ignore Gasazhunter Report Abuse Bull.
nigelb Champion Author Virginia Posts:8,437 Points:1,387,755 Joined:Feb 2008	Message Posted: May 9, 2012 5:46:59 PM Ignore nigelb Report Abuse Big Oil latches onto any excuse to raise prices, anywhere in the world.
fire@53 Champion Author Philadelphia Posts:11,813 Points:2,766,050 Joined:May 2003	Message Posted: May 9, 2012 5:46:37 PM Ignore fire@53 Report Abuse If Iran cannot ship any oil what is the problem. The tankers will not be traveling so no insurance is needed.
REKEY Champion Author South Carolina Posts:8,559 Points:1,695,415 Joined:May 2008	Message Posted: May 9, 2012 5:45:22 PM Ignore REKEY Report Abuse So sorry!
dong1971 All-Star Author Vancouver Posts:660 Points:216,390 Joined:May 2012	Message Posted: May 9, 2012 5:39:52 PM Ignore dong1971 Report Abuse we could survive when no car at all.
dsaine Champion Author North Carolina Posts:2,982 Points:629,570 Joined:May 2011	Message Posted: May 9, 2012 5:31:23 PM Ignore dsaine Report Abuse Ok
northerntruckgu Veteran Author Ontario Posts:495 Points:130,910 Joined:Nov 2011	Message Posted: May 9, 2012 5:30:06 PM Ignore northerntruckgu Report Abuse ok
BeaconLite Champion Author Ottawa Posts:1,922 Points:366,250 Joined:Sep 2009	Message Posted: May 9, 2012 5:29:50 PM Ignore BeaconLite Report Abuse someone is going to capitalise from this for sure......
Caribou2011 Champion Author Ohio Posts:3,746 Points:764,835 Joined:Feb 2011	Message Posted: May 9, 2012 5:29:43 PM Ignore Caribou2011 Report Abuse Ok
dieselme2011 Champion Author Vancouver Posts:2,583 Points:600,790 Joined:Mar 2011	Message Posted: May 9, 2012 5:26:09 PM Ignore dieselme2011 Report Abuse ok
Quick68 Champion Author Columbus Posts:8,183 Points:1,222,875 Joined:Dec 2009	Message Posted: May 9, 2012 5:25:57 PM Ignore Quick68 Report Abuse Anything to raise the price of gas. Nothing but corruption between big oil and our governments.
djm5x9 Champion Author Atlanta Posts:1,848 Points:519,230 Joined:Nov 2010	Message Posted: May 9, 2012 5:25:00 PM Ignore djm5x9 Report Abuse Jeep Thing, agreed.
BigBillMI All-Star Author Detroit Posts:611 Points:244,855 Joined:Feb 2012	Message Posted: May 9, 2012 5:24:46 PM Ignore BigBillMI Report Abuse ok
marlita Champion Author Dayton Posts:3,307 Points:784,055 Joined:Mar 2010	Message Posted: May 9, 2012 5:24:27 PM Ignore marlita Report Abuse great
ItisAJeepThing Champion Author Tucson Posts:19,730 Points:2,147,580 Joined:Oct 2006	Message Posted: May 9, 2012 5:22:28 PM Ignore ItisAJeepThing Report Abuse U.S. sanctions on Iran are slowly starting to work. Always knew that it would cost the world something to prevent Iran from developing a nuclear weapon. Which would you rather have, a little higher price or another rogue country with nuclear weapons?
JR57CA All-Star Author Los Angeles Posts:788 Points:323,775 Joined:May 2011	Message Posted: May 9, 2012 5:21:58 PM Ignore JR57CA Report Abuse Interesting. Yet another consequence.
bluebird1 Champion Author Toronto Posts:15,715 Points:3,104,125 Joined:May 2004	Message Posted: May 9, 2012 5:16:35 PM Ignore bluebird1 Report Abuse I'm actually glad that there's an add'l cost to China/India in continuing (or even upping) the use of Iranian oil. Too bad it means lost business for England though.
memo81 Champion Author St. Louis Posts:2,333 Points:441,575 Joined:Feb 2012	Message Posted: May 9, 2012 5:15:26 PM Ignore memo81 Report Abuse ok
cbuck80 Champion Author Massachusetts Posts:1,597 Points:398,780 Joined:Jan 2012	Message Posted: May 9, 2012 5:15:17 PM Ignore cbuck80 Report Abuse awesome
Jeffro61 Champion Author Cleveland Posts:2,252 Points:2,281,870 Joined:Oct 2005	Message Posted: May 9, 2012 5:13:26 PM Ignore Jeffro61 Report Abuse More fuel for speculation.
caddilac Champion Author Ontario Posts:16,582 Points:2,136,455 Joined:Apr 2007	Message Posted: May 9, 2012 5:12:36 PM Ignore caddilac Report Abuse Interesting.
Wildman14 Champion Author Virginia Posts:3,675 Points:834,905 Joined:Jul 2008	Message Posted: May 9, 2012 5:10:30 PM Ignore Wildman14 Report Abuse Ah, yes. Just another garbage reason to jack the prices at the pump. Time to bring back the price controls the peanut farmer eliminated in the '70s.
mossimo36 Champion Author St. Louis Posts:2,645 Points:493,725 Joined:Sep 2011	Message Posted: May 9, 2012 5:09:43 PM Ignore mossimo36 Report Abuse ok
GoLancer4 Champion Author Ohio Posts:1,787 Points:438,515 Joined:Sep 2011	Message Posted: May 9, 2012 5:08:27 PM Ignore GoLancer4 Report Abuse ewww
aarrrt Champion Author San Diego Posts:7,257 Points:1,648,565 Joined:May 2008	Message Posted: May 9, 2012 5:07:05 PM Ignore aarrrt Report Abuse Being a consumer these days is getting really expensive.
032946 Champion Author Twin Cities Posts:19,839 Points:4,040,045 Joined:Oct 2001	Message Posted: May 9, 2012 5:02:55 PM Ignore 032946 Report Abuse I can see the price at the pump going up like a jack rabbit.
FOURXFOUR Champion Author Boston Posts:2,451 Points:1,244,180 Joined:Aug 2005	Message Posted: May 9, 2012 5:01:23 PM Ignore FOURXFOUR Report Abuse It's all o'bama's fault....