ANALYSIS OF THE IRAN OIL EMBARGO

EU Report: On 23 January 2012 EU foreign ministers decided to ban new contracts to import oil and petroleum products from Iran and to end existing contracts by 1 July 2012 as part of a diplomatic strategy aimed at raising the cost of Iran‟s defiance of the international community over its nuclear program. Other countries such as the US are also preparing to sanction Iran‟s crude oil exports. Iran has responded by threatening to disrupt the flow of oil through the Strait of Hormuz, the world‟s most important oil choke point; about 35 percent of seaborne traded oil moves through the Strait...