Act of Desperation: Iran Halts Oil Shipments to U.K., France

Iran’s decision to halt oil shipments to the U.K. and France last weekend is a weak retaliatory measure against European actors for tougher sanctions. Despite this largely symbolic measure, Iran did manage to surprise world markets and drive up the price of oil. The U.K. imposed its hardest-hitting sanctions to date on Iran last November, but its crude oil imports amount to less that 1 percent of Iranian sales. France accounts for only 2 percent of Iranian sales. Both countries are parties to last month’s European Union sanctions on Iran. … More

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