At a congressional hearing in December, Representative Zach Nunn, an Iowa Republican, pressed a U.S. Treasury Department official about American Club's outsize role in insuring ships suspected of carrying Iranian oil. At a congressional hearing in December, Representative Zach Nunn, an Iowa Republican, pressed a U.S. Treasury Department official about American Club's outsize role in insuring ships suspected of carrying Iranian oil. "What have you done to hold them accountable?" Nunn asked. Credit: Nick Kashenko/Shutterstock.com

(Bloomberg) — Last June, a rusting tanker named Sincere 02 picked up oil at an Iranian port and steamed across the Persian Gulf on its way to the United Arab Emirates.

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