EU to not cancel or delay a July 1 embargo on EU countries providing shipping insurance for Iranian oil shipments

The European Union will not cancel or delay a July 1 embargo on EU countries providing shipping insurance for Iranian oil shipments, EU Energy Commissioner Guenther Oettinger said on Tuesday, Reuters reports.

When asked about the possibility of a delay or cancellation of the insurance embargo, Oettinger said: "No, let me say this, we have a clear position starting with the oil ban on the first of July."

Asian importers of Iranian crude, particularly Japan and India, have been pressing the EU to reconsider the insurance embargo. The insurance market in the UK is the leading provider of protection and indemnity cover for the shipping markets.