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Europe takes bold step toward a ban on Iranian oil
The European Union agreed in principle to enact an embargo on all purchases of Iranian oil, significantly increasing the West's financial war on Tehran at a time of heightened tensions in the Persian Gulf.
The decision followed U.S. measures against Iran's central bank, and the value of the Iranian rial plunged in recent days—forcing Tehran's central bank to consider measures to support the currency—in what U.S. and European officials said was proof that the West's financial campaign was succeeding in draining Tehran's coffers.
Iranian defense officials have intensified threats this week to retaliate against sanctions efforts by targeting Western ships operating in the Strait of Hormuz, a major route for oil shipments. Iran's parliament introduced a bill on Wednesday that would require all foreign ships to gain Tehran's permission to enter the strategic waterway.
U.S. and European officials said they were undeterred by Tehran's threats. The White House, moving to address tensions with Iran, convened a meeting that included Defense Secretary Leon Panetta, as well as Gen. James Mattis, the head of the U.S. Central Command, and Gen. Martin Dempsey, chairman of the Joint Chiefs of Staff.
The administration is increasing preparations to protect the flow of commercial traffic through the Persian Gulf while guarding against any military miscalculations that could lead to a direct conflict with Iran, U.S. officials said.
"We believe that the United States needs to continue to play the global role that we have played for a long time in terms of ensuring and promoting freedom of navigation in international waters, and our policy will continue to reflect that," State Department spokeswoman Victoria Nuland said. "We consider [the Persian Gulf] international territory."
The EU agreement to enact an embargo on Tehran's oil sales followed years of deliberations in Washington and Brussels about the merits of taking the step. Diplomats said differences in Europe remained over details of the plan, including when it would
Europe takes bold step toward a ban on Iranian oil