Flags of inconvenience: noose tightens around Iranian shipping

LONDON/DUBAI/PANAMA CITY (Reuters) - Somewhere on its journey from the waters off Iran, around Africa's southern tip and into the Mediterranean, the Grace 1 oil tanker lost the flag under which it sailed and ceased to be registered to Panama. Iran later claimed it as its own. The ship carrying 2 million barrels of Iranian crude was seized by British Royal Marines off Gibraltar, raising tensions in the Gulf where Iran detained a UK-flagged ship in retaliation.

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