Europe Approves Gradual Embargo on Iran's Oil
European governments have approved an embargo on Iranian oil to pressure that country to cease its nuclear program. However, they advocated a gradual phase-in of sanctions because of the toll the debt crisis is taking on the European economic situation.
Iran Threatens Oil Blockade Over Sanctions
Iran threatened to cut off oil exports through the Strait of Hormuz if the U.S. follows through on its threat to impose economic sanctions. Oil markets dismissed the rhetoric.