EU Slaps Iran with Oil Embargo

Europe raises its stakes to get Iran to re-open talks about its nuclear program.

Well, it's come to this. The European Union agreed to place an embargo on all Iranian oil in a move to put pressure on the regime to stop developing Iran's nuclear program. In a parallel move, the EU also froze all assets belonging to Iran's central bank, an action the U.S. has enacted by not yet put into force. The EU's embargo means that no new oil contracts can be signed with Iran, but existing contracts will be honoured until July. The point of the embargo is to get Iran to re-start talks with the West about its nuclear program, although the immediate response has been for a) a couple Iranian lawmakers to threaten that they'll close the Strait of Hormuz and b) the price of oil to jump $0.90 this morning. (... and it's another Giants/Patriots Super Bowl? We're off to a great start this week, world.)