The world’s largest pool of tanker insurers is advising members they shouldn’t insure Iranian oil shipments, citing the short-time frame of sanction loosening agreed to between Iran and Western powers. The move is a blow to Iran, which had hoped a six-month, temporary easing of sanctions would allow it to restart petrochemical exports and modestly boost its export of crude. It could also complicate efforts by Washington and its allies to provide Tehran’s new political leadership enough incentive to keep up its side of the nuclear pact it reached with the West. Late last year, Tehran agreed to closer scrutiny of its nuclear program in exchange for temporary sanctions relief. As part of the package, which formally went into effect last month, sanctions against Iranian petrochemical shipments were suspended until July. The package also theoretically allowed insurers to cover ships carrying Iranian crude. While that doesn’t affect a cap […]