Iranian oil News

Marsh Sees Hike in Demand for Political Violence Insurance in Gulf After Tanker Attacks

Marsh, one of the world’s largest insurance brokers and risk advisers, has seen a spike in clients’ inquiries for political violence cover in the Gulf after attacks on tankers and oil installations rattled the region last year, an executive said. …

Iranian Oil Tanker Struck, Probably by Missiles: Iran Media

An Iranian-owned oil tanker was struck, probably by missiles, in the Red Sea off Saudi Arabia’s coast on Friday, Iranian media said, an incident that if confirmed will stoke tension in a region rattled by attacks on tankers and oil …

While Ships in Persian Gulf Turn Off Transponders to Avoid Seizure, Collision Risks Rise

Following weeks of mounting tensions in the Persian Gulf where vessels have been attacked and an oil tanker has been seized, recent news reports reveal that shipowners are trying minimize risk – by turning off their transponders and changing their …

Oil Tankers Cut Navigation Risks in Strait of Hormuz by Vanishing from Tracking Systems

Oil tanker owners are finding a way to reduce the risks of navigating the Strait of Hormuz, the world’s most important — and lately most dangerous — energy chokepoint: vanish from global tracking systems. Copying from Iran’s own playbook, at …

Oil Tankers Steer Clear of Middle East Refueling Hub As Attacks, Insurance Costs Rise

Oil tanker owners are avoiding sending their ships to the Middle East’s main refueling hub after a spate of attacks on vessels in the past two months ratcheted up tensions and highlighted the growing risks of operating in the region. …

India’s HPCL Cancels Iran Oil Purchase After Insurer Refuses to Provide Cover: Sources

India’s Hindustan Petroleum Corp. (HPCL) canceled the purchase of an Iranian oil cargo earlier this month after its insurance company refused to provide coverage for the crude because of U.S. sanctions, three sources with knowledge of the matter said. HPCL, …

Insurance Cutback Among Reasons Europeans Withdrawing from Iranian Oil Market

European refiners are winding down oil purchases from Iran, closing the door on a fifth of the OPEC member’s crude exports after the United States imposed sanctions on Tehran, company and trading sources said. The drop in crude purchases from …

Compensation for Iran Tanker Accident Could Be Complicated by U.S. Sanctions

The reluctance of foreign banks to deal with Iran could complicate any compensation payments resulting from the collision last week of an Iranian oil tanker and a Chinese cargo ship, sources say. The tanker Sanchi, carrying 136,000 tonnes of highly …

Iranian Oil Tanker Continues to Burn in East China Sea; No Large Scale Spill Expected

The stricken Iranian oil tanker in the East China Sea could burn for as long as one month, South Korea’s Ministry of Oceans and Fisheries told Reuters on Wednesday, as the blaze raged for a fourth day following a collision …

Update: High Winds, Toxic Gases Hinder Efforts to Douse Iranian Oil Tanker Fire

Strong winds, high waves and toxic gases are hindering dozens of rescue boats struggling to locate missing sailors from a stricken oil tanker in the East China Sea and to extinguish a fire that has burned for the past three …