Embargo on Iranian Oil

Oil is Iran’s most valuable asset and sales help to keep the Iranian government in money and power. A decision by the EU to stop buying from Iran may damage the Iranian economy – but in itself it won’t destroy it. Iran sells most of its oil to countries in Asia. The EU and the United States are now working to persuade Asian countries to reduce their purchases from Iran as well. Iran has already threatened to retaliate over the sanctions by blocking the Strait of Hormuz at the entrance to the Gulf, through which 20% of the world’s oil exports pass. Meanwhile, the Pentagon said the US aircraft carrier USS Abraham Lincoln, as well as a British Royal Navy frigate and a French warship, have passed through the Straits of Hormuz at the entrance to the Gulf without incident in the wake of Iranian threats to block the trade route….Keep a close eye on Fuel prices as I have noticed an increase at Haverhill Sainsbury’s.