Sanctions clarity needed before Hormuz trade resumes, says LMA

AI Summary

The UK-based London Maritime Arbitrators (LMA) emphasize the need for sanctions clarity before trade in the Strait of Hormuz can fully resume. Despite the Iran-US memorandum of understanding, insurers point to unresolved legal and safety issues affecting shipping operations.

Insurers welcome the Iran-US MoU but say practical, legal and safety issues still stand between the agreement and a return to normal shipping.