EU agrees 'in principle' on Iran oil embargo

Ban would stop Tehran's exports to Europe, but official says it could "very easily replace these customers".- what  kind of sick game is it? Libya was bombed into oblivious, and her oil exports are still not resumed to pre-war level.


Now Iran on a tab, something is not straight here. Oil companies go for sky-high profits?


Read more at: http://www.aljazeera.com/news/middleeast/2012/01/201214173537709411.html

Iran began naval exercises in the Arabian Gulf last month, and has warned of blocking the Strait of Hormuz [EPA].

To give you a sense what in stake here, the picture of the Strait of Hormuz is below,- Iran indeed doesn't need much to close the straight and cause a major price shock.

Closing the Strait of Hormuz would cause spike in oil prices [Al Jazeera]