Chevron Insurers Settle $52M Iran Oil Seizure Dispute

Chevron has reached a settlement with three insurers over the seizure of nearly $52 million worth of crude oil by the Iranian military in retaliation for US economic sanctions.

The dispute centered on whether the insurers' separate marine cargo and war risk policies covered the seized oil, according to Law360.

The settlement amount was not disclosed, but the insurers had initially disputed their liability for the seized assets.