Two European insurers have withdrawn cover for tankers involved in the Iranian oil trade, the first such move since tough new sanctions were imposed in July, Reuters reported Friday, October 12. The tankers, operated by Hong Kong’s Titan Petrochemicals Group Ltd, were used to store Iranian oil for top oil trader Vitol and little known shipping firm Glammarine. While the European Union sanctions bar Western-based insurers from covering tankers that carry, rather than store, Iranian oil, the insurers were not prepared to risk falling foul of the curbs. Titan must now find new insurers to continue operating its floating storage business off Malaysia, one of the biggest in Southeast Asia. That could prove difficult if other Western-based insurers, which cover around 90 percent of the world’s tanker fleet, also decide to shut Titan out.